For sputtered CoFeB/MgO/CoFeB magnetic tunnel junctions, it is well known that the tunnel magnetoresistance (TMR) ratio increases with increasing annealing temperature (T a ) up to a critical value (T p ), and then decreases with further increasing T a , resulting in a peak around T p . The improved crystallinity of the MgO barrier and CoFeB electrodes due to annealing has been considered as the main reason for the enhancement of the TMR ratio, especially for T a < T p . In this work, the evidence is provided that the magnon excitation plays a great contribution to the magnetoresistance (MR) behavior in annealed samples based on the measurement of dynamic conductance and inelastic electron tunneling (IET) spectra. The magnon activation energy (E c ) obtained from the fits for IET spectra exhibits a similar temperature dependence with that of the TMR ratio. A detailed analysis shows that the magnon excitation, together with improved crystallinity of the MgO barrier and CoFeB layers, is the main contribution to the annealing-temperature-dependent MR behavior. PACS number(s): 75.70.Cn, 75.30.Hx MgO-based magnetic tunnel junctions (MTJs) have been investigated widely due to their interesting fundamental physics and potential applications. 1-8 Thermal annealing is a critical process for sputtered CoFeB/MgO/CoFeB junctions because the tunnel magnetoresistance (TMR) ratio of junctions annealed at an appropriate temperature increases dramatically. 9-13 Annealing greatly improves the crystallinity of the MgO barrier and ferromagnetic (FM) CoFeB electrodes as well as the interfaces between the MgO and CoFeB layers, 10,12 which enhances spin-dependent tunneling across the MgO barrier. The effects of thermal annealing were studied using transmission electron microscopy (TEM), x-ray photoelectron spectroscopy (XPS), and x-ray diffraction (XRD), 10,12,14-16 with a focus on the structural characterization.For MTJs, the measurement of dynamic conductance (dI/dV ) and the inelastic electron tunnel (IET) spectrum (d 2 I/dV 2 ) has been proven to be a powerful tool to study spindependent tunneling. [16][17][18][19][20][21][22][23][24] Using this method, the influence of the density of states (DOS) and the inelastic scattering process on conductance can be clarified by measuring the first and second derivative of conductance. 24,25 Here, we report a detailed investigation of the dynamic conductance and IET spectra in CoFeB/MgO/CoFeB junctions as a function of annealing temperature T a , with a focus on the magnetoresistance (MR) behavior. Our results show that magnon excitation contributes greatly to the annealing-temperature-dependent MR behavior.Multilayers with a core structure of NiFe(5)/IrMn(10)/ CoFe(2)/Ru(0.8)/CoFeB(3)/MgO(2.5)/CoFeB(3) (in nm) were grown in a Shamrock sputtering system, where NiFe, IrMn, CoFe, and CoFeB stand for Ni 81 Fe 19 , Ir 22 Mn 78 , Co 90 Fe 10 , and Co 40 Fe 40 B 20 , respectively. The bottom synthetic NiFe/IrMn/CoFe/Ru structure is used to pin the CoFeB layer via exchange bias. Thermal annealin...