A memory device and a manufacturing method thereof are provided. The memory device includes word lines, channel layer, gate dielectric layers, a conductive pillar and a storage pillar. The word lines extend along a first direction over a substrate, and are vertically spaced apart from one another. The channel layers respectively line along a sidewall of one of the word lines. The gate dielectric layers respectively line between one of the word lines and one of the channel layers. The conductive pillar and the storage pillar penetrate through the channel layers. The storage pillar includes an inner electrode, a switching layer and an outer electrode. The switching layer wraps around the inner electrode. The outer electrode laterally surrounds the switching layer, and includes annulus portions vertically spaced apart from one another and each in lateral contact with a corresponding one of the channel layers.