The present invention relates to a high-speed optical memory element. In order to increase speed of a memory element, optical pulse is recorded and read all-optically without conversion into electrical signal at very high speed. Optically-induced spin accumulation is used for recording the ferromagnetic metal embedded into optical waveguide operates as a high speed memory element. The ferromagnetic metal is sandwiched between a conductor on one side and a tunnel barrier followed by a conductor on the other side. The voltage is applied between two conductors. For data recording, the optically induced spin-polarized tunneling and spin accumulation is used. The optically induced spin-polarized tunneling occurs due to absorption of circularly polarized light. The torque of accumulated spin reverses magnetization of ferromagnetic metal. For reading Faraday rotation or non-reciprocal loss/gain in semiconductor-ferromagnetic-metal hybrid is used.