The current challenging issues for terra-bit-level perpendicular STT-MRAM cells have been reviewed in the view of four critical parameters such as TMR ratio, Δ, J ex , and α. The TMR ratio of p-MTJ spin-valves are reaching to < 150% at the BEOL of >350 o C. A single MgO based p-MTJ spin-valve could not satisfy Δ of > 74, proposing a double MgO based p-MTJ spin-valve. J ex in SyAF layer adequately met > 0.7erg/cm 2 at BEOL of > 350 o C. A Co 2 Fe 6 B 2 based p-MTJ spin-valve limits to α of 0.005, necessary to develop a low α material such as full Heusler half-metal. Thus, an essential challenge in the future is to satisfy four critical parameters simultaneously at > 350 o C and 300-mm TiN electrode wafers.19.2.2 IEDM14-483