Magnetic random access memory (MRAM) packages with magnetic shield protections and methods of forming thereof are presented. Package contact traces are formed on the first major surface of the package substrate and package balls are formed on the second major surface of the package substrate. A die having active and inactive surfaces is provided on the first major surface of the package substrate. The die includes a magnetic storage element, such as an array of magnetic tunnel junctions (MTJs), formed in the die, die microbumps formed on the active surface. The package includes a top magnetic shield layer formed on the inactive surface of the die. The package may also include a first bottom magnetic shield in the form of magnetic shield traces disposed below the package contact traces. The package may further include a second bottom magnetic shield in the form of magnetic permeable underfill dielectric material. The package may also include a third bottom magnetic shield sandwiched between two thin package substrate layers of the package substrate.