There is disclosed a memory element which includes a layered structure. The layered structure includes a memory layer that has a magnetization perpendicular to a film face; a magnetization-fixed layer having magnetization perpendicular to the film face; an insulating layer provided between the memory layer and the magnetization-fixed layer; and a cap layer provided at a face side, which is opposite to the insulating layer-side face, of the memory layer, in which an electron that is spin-polarized is injected in a lamination direction of the layered structure, and thereby the magnetization direction of the memory layer varies and a recording of information is performed, a magnitude of an effective diamagnetic field which the memory layer receives is smaller than a saturated magnetization amount of the memory layer, and at least a face, which comes into contact with the memory layer, of the cap layer is formed of a Ta film.