Magnetoresistive random-access memory (MRAM) is a new memory technology that is nearing commercialization. MRAM integrates a magnetic tunnel junction (MTJ) device with standard silicon-based microelectronics, resulting in a combination of qualities not found in other memory technologies. For example, MRAM is nonvolatile, has unlimited read and write endurance, and is capable of high-speed read and write operations. In this article, we will describe the fundamentals of an MTJ-based MRAM as well as recent important technology developments in the areas of magnetic materials and memory cell architecture. In addition, we will compare the present and future capabilities of MRAM to those of existing memory technologies such as static RAM and flash memory.