A non-volatile memory with a single gate-source common terminal and an operation method thereof are provided. The non-volatile memory includes a transistor and a capacitor structure both embedded in a semiconductor substrate. The transistor includes a first dielectric layer, a first electric-conduction gate and several first ion-doped regions. The capacitor structure includes a second dielectric layer, a second electric-conduction gate and a second ion-doped region. The memory may further include a third ion-doped region below the second dielectric layer. The first and second electric-conduction gates are electrically connected to form a single floating gate of the memory cell. The source and second ion-doped region are electrically connected to form a single gate-source common terminal.