There are provided a memory system and an operating method thereof. A memory system includes: a plurality of storage regions, each including a plurality of memory cells; and a controller configured to provide a plurality of read retry sets, determine an applying order of the plurality of read retry sets based on characteristics of a read error occurred in a first storage region among the plurality of storage regions, and apply at least one of the read retry sets, based on the applying order, for a read retry operation performed on the first storage region.