There is disclosed a memory element including a layered structure including a memory layer that has a magnetization perpendicular to a film face; a magnetization-fixed layer; and an insulating layer provided between the memory layer. An electron that is spin-polarized is injected in a lamination direction of a layered structure, a magnitude of an effective diamagnetic field which the memory layer receives is smaller than a saturated magnetization amount of the memory layer, in regard to the insulating layer that comes into contact with the memory layer, and the other side layer with which the memory layer comes into contact at a side opposite to the insulating layer, at least an interface that comes into contact with the memory layer is formed of an oxide film, and the memory layer includes at least one of non-magnetic metal and oxide in addition to a Co—Fe—B magnetic layer.