A magnetic data storage system having a scanning tip array based system and a shape memory thin film-based data storage medium. Prior to storing data, the medium is in its non-ferromagnetic austenitic phase. Indentation stress locally induces martensitic transformation of the medium, which in turn generates a locally ferromagnetized surface. By measuring the magnetic force interaction between the tip and the medium surface, inscribed magnetic information can be read. The shape memory thin film enables the stress-induced local magnetic transition to provide a fast data storage system with high data storage density.