The discovery of magnetization switching via spin transfer torque (STT) in PMA-based MTJs has led to the development of next-generation magnetic memory technology with high operating speed, low power consumption and high scalability. In this work, we theoretically investigate the influence of finite size and temperature on the mechanism of magnetization switching in CoFeB–MgO based MTJ to get better understanding of STT-MRAM fundamentals and design. An atomistic model coupled with simultaneous solution of the spin accumulation is employed. The results reveal that the incoherent switching process in MTJ strongly depends on the system size and temperature. At 0 K, the coherent switching mode can only be observed in MTJs with the diameter less than 20 nm. However, at any finite temperature, incoherent magnetization switching is thermally excited. Furthermore, increasing temperature results in decreasing switching time of the magnetization. We conclude that temperature dependent properties and thermally driven reversal are important considerations for the design and development of advanced MRAM systems.