A non-volatile memory is described, including a substrate, a floating gate, a control gate, a source region, and a drain region. A trench is disposed in the substrate, and a step-like recess is located in the substrate beside the trench. The floating gate is disposed on the sidewall of the trench. The control gate is disposed on the substrate between the trench and the step-like recess which extends in the step-like recess. The source region is disposed in the substrate at the bottom of the trench. The drain region is disposed in the substrate at the bottom of the step-like recess.