A system and method for transactional memory using read-write locks is disclosed. Each of a plurality of shared memory areas is associated with a respective read-write lock, which includes a read-lock portion indicating whether any thread has a read-lock for read-only access to the memory area and a write-lock portion indicating whether any thread has a write-lock for write access to the memory area. A thread executing a group of memory access operations as an atomic transaction acquires the proper read or write permissions before performing a memory operation. To perform a read access, the thread attempts to obtain the corresponding read-lock and succeeds if no other thread holds a write-lock for the memory area. To perform a write-access, the thread attempts to obtain the corresponding write-lock and succeeds if no other thread holds a write-lock or read-lock for the memory area.