There is provided a memory element having a layered structure, including a memory layer having magnetization perpendicular to a film face in which a magnetization direction is changed corresponding to information, and including a Co—Fe—B magnetic layer and at least on non-magnetic layer; the magnetization direction being changed by flowing a current in a lamination direction of the layered structure to record the information in the memory layer, a magnetization-fixed layer having magnetization perpendicular to the film face that becomes a base of the information stored in the memory layer, and an intermediate layer that is formed of a non-magnetic material and is provided between the memory layer and the magnetization-fixed layer, further including a laminated structure where an oxide layer, the Co—Fe—B magnetic layer and the non-magnetic layer are laminated is formed.