According to one embodiment, a magnetic memory is disclosed. The magnetic memory includes an underlying structure having conductivity provided on the substrate and including a first layer with a polycrystalline structure and a second layer with an amorphous structure, and a magnetoresistive element provide on the underlying layer. The magnetoresistive element includes a first magnetic layer provided on the underlying layer, a non-magnetic layer provided on the first magnetic layer, and a second magnetic layer provided on the non-magnetic layer.