Materials with perpendicular magnetic anisotropy (PMA) are being investigated for magnetic random access memory (MRAM) and other spintronics applications. This article is an overview of the developments in this topic. At first, a historical overview of the magnetic memory is presented along with the fundamentals of MRAM using the field‐assisted scheme. Later on, the principle of spin‐transfer torque (STT) is explained briefly along with the STT‐MRAM design requirements. Here, it is described that the MRAM design is a challenge where a choice has to be made to meet five criteria, a phenomenon called MRAM pentalemma. The main part of the article focuses on the discussion of materials with PMA. The focus is made first on multilayers such as Co/Pd and Co/Pt which have been widely investigated, followed by the recent observation of PMA in FeCoB. In subsequent sections, the progress in future candidates such as FePt is discussed. The article concludes with a summary of the challenges and future directions in this research topic.

Spin transfer torque-based magnetic random access memory with perpendicular magnetic anisotropy (PMA) provides better scalability and lower power consumption compared to those with in-plane anisotropy. Spin transfer torque switching in magnetoresistive spin valves with PMA is investigated. The hard layer is made of (Co/Pd) multilayer, whereas the soft layer is a lamination of (CoFe/Pd) and (Co/Pd). By the insertion of an in-plane spin polarizer adjacent to the perpendicular anisotropy free layer, thus creating a modified-dual spin valve, a significant reduction of about 40% in the current density required for spin torque transfer switching was observed. By using a spin polarized current with different pulse widths down to 10 ns, the barrier energy E_B in 100-nm-diameter devices was found to be reduced from 1.1 to 0.43 eV. Besides the reduction of switching current density in a device with PMA, the new structure shows a clear increase in magnetization switching speed as revealed by micromagnetic simulation.

Domain-wall memory devices, in which the information is stored in nanowires, are expected to replace hard disk drives. A problem that remains to be solved in domain-wall memory is to pin the domain walls in a controllable manner at the nanometer scale using simple fabrication. We demonstrate the possibility to stabilize domain walls by making staggered nanowires. Controllable domain-wall movement is exhibited in permalloy nanowires using magnetic fields where the pinning field is about 10 mT. The pinning field and stability of the domain walls can be increased by adjusting the offset dimensions of the staggered nanowires. Domain-wall velocities of about 200 m/s are computed for the experimentally used permalloy nanowires. Domain-wall velocities are found to be independent of pinning strength and stability, providing a way to tune the pinning without compromising domain-wall velocities.