A magnetoresistance effect element and a magnetic memory having thermal stability expressed by a thermal stability factor of 70 or more even with a fine junction size. The magnetoresistance effect element includes a first magnetic layer of an invariable magnetization direction forming a reference layer, a second magnetic layer of a variable magnetization direction forming a recording layer, and a first non-magnetic layer disposed between the first and second magnetic layers in a thickness direction of the first and second magnetic layers. At least one of the first and second magnetic layers has the following relationship between D (nm) and t (nm): D