A magnetic memory device includes a magnetic tunneling junction (MTJ) structure having a cylindrical shape. Elements of the MTJ structure are co-axial. The MTJ structure includes a conductive layer, an insulating layer co-axially formed around the conductive layer and a material layer formed around the insulating layer, the material layer being co-axial with the conductive layer and having a plurality of magnetic layers. The material layer includes a lower magnetic layer, a tunneling layer, and an upper magnetic layer that are sequentially stacked around and along the conductive layer.