A semiconductor device includes four or more memory cells arranged on a row, the memory cells each including a first pillar-shaped semiconductor layer, a first gate insulating film around the semiconductor layer, a first gate line around the first gate insulating film, a third gate insulating film around an upper portion of the semiconductor layer, a first contact electrode around the third gate insulating film, a second contact electrode connecting upper portions of the semiconductor layer and the first contact electrode, and a magnetic tunnel junction storage element on the second contact electrode, a first source line connecting lower portions of the semiconductor layers to each other, a first bit line extending in a direction perpendicular to a direction of the first gate line and connected to an upper portion of the storage element, and a second source line extending in a direction perpendicular to the first source line.