Perpendicular spin-transfer-torque magnetic random access memory (p-STT-MRAM) is a promising candidate memory device for replacing dynamic random access memory (DRAM) facing with 10-nm sub scaling down. In addition to scaling down, p-STT MRAM has many advantages like fast write/read speed (~10ns) as DRAM, low power consumption (<1pJ), high endurance (>1014), and non-volatility (retention time > 10 years). But to replace DRAM, there are several challenges to be solved. First, high tunneling magneto-resistance (TMR) ratio for read sensing margin. Second, low critical current density(J C) for low power consumption. Third, thermal stability(Δ) for long retention time to save data. And also these parameters should be achieved at 350oC annealing temperature of the back-end-of line (BEOL) to be commercialized. Among them, thermal stability is closely related with cell size. As a cell size of MTJ decreases to achieve a high density memory device, thermal stability decreases with retention time, thus it is not easy to implement both high density and non-volatile memory device simultaneously by decreasing the cell size of MTJ. In our study to solve this issue, we propose the p-STT multi-level cell (MLC) magnetic tunnel junction (MTJ) because MLC MTJ can satisfy both high density and non-volatile memory device at the same time. In particular, we design the MTJ structure with dual free layers and MgO tunnel barriers, so that the MTJ can demonstrate four resistance states. In addition, we investigated the effect of the thickness of two free layers and MgO tunnel barriers on two magneto-resistance (MR) and switching voltage. In our experiments, the p-STT MTJ spin-valves were fabricated on 12-inch-diameter Si/ SiO2/W/TiN wafers by utilizing a 12-in. multi-chamber-cluster magnetron-sputtering system under a high vacuum (less than 110-8 Torr) without breaking the vacuum. Then, all samples were subject to ex-situ annealing at 350℃ at a back end of line (BEOL) for 30 minutes under a magnetic field of 3 tesla. In our presentation, we present how to optimize the thicknesses of two free layers and MgO tunnel barriers. In addition, we repot how the magnetic behavior and the resistance of MTJ is affected by magnetic and how the magneto-resistance of MTJ is closely related to the crystallinity of two MgO tunnel barriers. Acknowledgements This work was supported by Basic Science Research Program through the National Research Foundation of Korea (NRF) grant funded by the Korea government (MSIP) (No. 2017R1A2A1A05001285)