A magneto-optical memory element has a multi-layer construction in the order from a side first receiving light from a light-source which includes a first transparent dielectric film, a rare earth transition metal alloy film, a second transparent dielectric film and a reflective film. The magneto-optical device uses circular dichroism effect of a magnetic mater for reading information. The rare earth transition metal alloy film has a refractive index represented by n.+-..DELTA.n wherein n=3.2-3.55i and .DELTA.n=0.05-0.03i. The thickness of film is about 18 to 46 nm. The second transparent dielectric film has a refractive index of 2.0.+-.0.2 and a film thickness of 80 to 108 nm.