According to one embodiment, a magnetic memory includes a magnetoresistive element. The element includes a first magnetic film having a variable magnetization perpendicular to a film surface, a second magnetic film having an invariable magnetization perpendicular to the film surface, a nonmagnetic film between the first and second magnetic films, a magnetic field application layer including a third magnetic film having a magnetization parallel to the film surface. The third magnetic film applies a magnetic field parallel to the film surface to the first magnetic film. A magnitude of the magnetization of the third magnetic film when supplying a read current is larger than a magnitude of the magnetization of the third magnetic film when supplying a write current.