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The etch characteristics of CoFeB magnetic films and magnetic-tunnel-junction (MTJ) stacks masked with Ti films were investigated using an inductively coupled plasma reactive ion etching in a HBr/Ar gas mix. The etch rate, etch selectivity, and etch profile of the CoFeB films were obtained as a function of the HBr concentration. As the HBr gas was added to Ar, the etch rate of the CoFeB films, and the etch selectivity to the Ti hard mask, gradually decreased, but the etch profile of the CoFeB films was improved. The effects of the HBr concentration and etch parameters on the etch profile of the MTJ stacks with a nanometer-sized 70 x 100 nm2 pattern were explored. At 10% HBr concentration, low ICP RF power, and low DC-bias voltage, better etch profiles of the MTJ stacks were obtained without redeposition. It was confirmed that the protective layer containing hydrogen, and the surface bombardment of the Ar ions, played a key role in obtaining a steep sidewall angle in the etch profile. Fine-pattern transfer of the MTJ stacks with a high degree of anisotropy was achieved using a HBr/Ar gas chemistry.