A memory element includes a memory layer having magnetization perpendicular to a film face of the memory layer in which a direction of the magnetization configured to be changed. The memory element includes a magnetization-fixed layer having a magnetization perpendicular to the film face. The memory element includes an intermediate layer that is formed of a non-magnetic material and is provided between the memory layer and the magnetization-fixed layer. The memory layer includes a multilayer structure in which a non-magnetic material and an oxide are laminated. The direction of the magnetization of the memory layer is configured to be changed by applying a current in a lamination direction of the layered structure to record information in the memory layer.