Magnetic random access memory and method of manufacturing the same

A method of manufacturing a magnetic random access memory, comprising:

• forming a selection element on a semiconductor substrate;
• forming an interlayer dielectric film above the selection element;
• forming a contact layer in the interlayer dielectric film;
• sequentially forming, on the contact layer, a lower electrode layer made of a metal material, a magnetoresistive film, and an upper electrode layer;
• processing the upper electrode layer and the magnetoresistive film by using the lower electrode layer as an etching stopper layer to form a magnetoresistive element;
• forming a sidewall insulating film on a side surface of the magnetoresistive element and a side surface of the upper electrode layer;
• oxidizing the metal material of the lower electrode layer exposed from the magnetoresistive element and the sidewall insulating film by annealing in an oxygen ambient to form a metal oxide insulating film made of an oxide of the metal material around the lower electrode layer;
• and
• forming a bit line electrically connected to the upper electrode layer.