Provided are a perpendicular magnetic tunnel junction (MTJ), a magnetic device including the same, and a method of manufacturing the MTJ, the perpendicular MTJ includes a lower magnetic layer; a tunnelling layer on the lower magnetic layer; and an upper magnetic layer on the tunnelling layer. One of the upper and lower magnetic layers includes a free magnetic layer that exhibits perpendicular magnetic anisotropy, wherein the magnetizing direction of the free magnetic layer is changed by a spin polarization current. A polarization enhancing layer (PEL) and an exchange blocking layer (EBL) are stacked between the tunnelling layer and the free magnetic layer.