Abstract This paper investigates the impact of electrode materials on the Tunnel Magneto-Resistance (TMR) ratio of Magnetic Tunnel Junction (MTJ) device. Four different structures of MTJ have been simulated by using cobalt (Co), Nickel (Ni), Iron (Fe) and two alloy materials of nickel-iron (NiFe) and cobalt-iron (CoFe). These materials have been used as ferromagnetic electrodes. Mulliken population and transmission spectrum observed in both parallel and antiparallel configurations of these devices to understand the spin transport properties and Tunnel Magneto-Resistance (TMR) ratio has been estimated. The first principal study was performed based on density function theory (DFT) and Non-equilibrium Green’s Function (NEGF) computational methods using the QuantumATK simulation tool to study properties such as band structure, the density of states (DOS), Spin Transfer Torque (STT), I-V characteristics and TMR. This study explores how different electrode materials affect the Tunnel Magneto-Resistance (TMR) ratio in Magnetic Tunnel Junction (MTJ) devices. With these results, it is observed that cobalt-based MTJ devices (that is Co-MgO-Fe and CoFe-MgO-CoFe) exhibit higher TMR ratio as compared to Nickel- and Iron-based MTJ devices (that is NiFe-MgO-NiFe and Ni-MgO-Fe). As Cobalt has a high spin polarization this property makes it suitable for use in spintronics devices like MTJs, where the manipulation of electron spins is essential for data storage and information processing. These findings can be employed to improve the performance characteristics of the MTJ-based Random Access Memory (MRAM) in the field of spintronics.