A non-volatile memory including a substrate, a stacked gate structure, two doped regions and a plurality of spacers is provided. The stacked gate structure is disposed on the substrate, wherein the stacked gate structure includes a first dielectric layer, a charge storage layer, a second dielectric layer and a conductive layer in sequence from bottom to top relative to the substrate. The doped regions are disposed in the substrate at two sides of the stacked gate structure, respectively, and bottom portions of the doped regions contact with the substrate under the doped regions. The spacers are respectively disposed between each side of each of the doped regions and the substrate, and top portions of the spacers are lower than top portions of the doped regions.