A magnetic memory device includes a pinning layer, a pinned layer, an insulation layer, which are sequentially stacked on a semiconductor substrate. The magnetic memory device further includes a free layer disposed on the insulation layer, a capping layer disposed on the free layer and an MR (magnetoresistance) enhancing layer interposed between the free layer and the capping layer. The MR enhancing layer is formed of at least one anti-ferromagnetic material.