A magnetic memory device may include a free magnetic structure and a reference magnetic structure that are separated from each other by a tunnel barrier. The free magnetic structure may include an exchange-coupling layer, and first and second free layers that are separated from each other by the exchange-coupling layer. The first free layer may be provided between the second free layer and the tunnel barrier. A thickness of the first free layer may be greater than a first maximum anisotropy thickness, being the thickness at which the first free layer has maximum perpendicular anisotropy. A thickness of the second free layer may be smaller than a second maximum anisotropy thickness, being the thickness at which the second free layer has maximum perpendicular anisotropy. A magnetic tunnel junction having two free layers with different thicknesses can enable a magnetic memory device that has increased MR ratio and reduced switching current.