According to one embodiment, a magnetic memory comprises an electrode, a memory layer which is formed on the electrode and has magnetic anisotropy perpendicular to a film plane, and in which a magnetization direction is variable, a tunnel barrier layer formed on the memory layer, and a reference layer which is formed on the tunnel barrier layer and has magnetic anisotropy perpendicular to the film plane, and in which a magnetization direction is invariable. The memory layer has a positive magnetostriction constant on a side of the electrode, and a negative magnetostriction constant on a side of the tunnel barrier layer.