There is disclosed a memory element including a memory layer that maintains information through the magnetization state of a magnetic material, a magnetization-fixed layer with a magnetization that is a reference of 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. The storing of the information is performed by inverting the magnetization of the memory layer by using a spin torque magnetization inversion occurring according to a current flowing in the lamination direction of a layered structure having the memory layer, the intermediate layer, and the magnetization-fixed layer, the memory layer includes an alloy region containing at least one of Fe and Co, and a magnitude of an effective diamagnetic field which the memory layer receives during magnetization inversion thereof is smaller than the saturated magnetization amount of the memory layer.