A memory system include: a plurality of first memory devices each coupled to a first channel and including a plurality of first memory blocks; a plurality of second memory devices each coupled to a second channel and including a plurality of second memory blocks; a first access controller suitable for controlling an access to the first memory blocks; a second access controller suitable for controlling an access to the second memory blocks; and a bad block controller suitable for: selecting one between the first and second access controllers by comparing bad physical addresses corresponding to bad blocks included in each of the first and second memory devices with first and second physical addresses respectively corresponding to the first and second memory blocks, and transferring one of the first and second physical addresses and substitute physical address that replace the bad physical addresses.