A magnetic memory according to an embodiment includes at least one MTJ element, the MTJ element including: a magnetic multilayer structure including a first magnetic layer in which a direction of magnetization is fixed, a second magnetic layer in which a direction of magnetization is changeable, and a tunnel barrier layer located between the first and second magnetic layers; a first electrode provided on a first surface of the magnetic multilayer structure; a second electrode provided on a second surface of the magnetic multilayer structure; an insulating film provided on a side surface of the magnetic multilayer structure; and a control electrode provided on the side surface of the magnetic multilayer structure with the insulating film located therebetween, a voltage being applied to the control electrode in a read operation, which increases an energy barrier for changing the magnetization of the second magnetic layer.