A memory element has a layered structure, including a memory layer that has magnetization perpendicular to a film face in which a magnetization direction is changed depending on information, and includes a Co—Fe—B magnetic layer, the magnetization direction being changed by applying a current in a lamination direction of the layered structure to record the information in the memory layer, a magnetization-fixed layer having magnetization perpendicular to a film face that becomes a base of the information stored in the memory layer, and an intermediate layer that is formed of a non-magnetic material and is provided between the memory layer and the magnetization-fixed layer, a first oxide layer and a second oxide layer.