We review recent developments in magnetic tunnel junctions with perpendicular easy axis (p-MTJs) for nonvolatile very large scale integrated circuits (VLSIs). So far, a number of material systems such as rare-earth/transition metal alloys, L10-ordered (Co, Fe)–Pt alloys, Co/(Pd, Pt) multilayers, and ferromagnetic-alloy/oxide stacks have been proposed as electrodes in p-MTJs. Among them, p-MTJs with single or double ferromagnetic-alloy/oxide stacks, particularly CoFeB–MgO, were shown to have high potential to satisfy major requirements for integration.