This paper reviews the progress made over the last few years in understanding the development of perpendicular magnetic tunneling junctions (pMTJs). The material systems for making pMTJs, including rare-earth/transition metal alloys, L10-ordered (Co, Fe)–Pt alloys, Co/(Pd, Pt) multilayers, and CoFeB–MgO crystallized structures, are briefly introduced. The fabrication processes of the MTJ devices are focused on, consisting of open-trench, etch-back and self-aligned techniques. The authors also propose a spin-torque nano-oscillator based on pMTJ, for application in GHz range telecommunications.