A high-storage efficiency and long-lived quantum memory for photons is an essential component in long-distance quantum communication and optical quantum computation. Here, we report a 78% storage efficiency of light pulses in a cold atomic medium based on the effect of electromagnetically induced transparency (EIT). At 50% storage efficiency, we obtain a fractional delay of 74, which is the best up-to-date record. The classical fidelity of the recalled pulse is better than 90% and nearly independent of the storage time, as confirmed by the direct measurement of phase evolution of the output light pulse with a beat-note interferometer. Such excellent phase coherence between the stored and recalled light pulses suggests that the current result may be readily applied to single photon wave packets. Our work significantly advances the technology of EIT-based optical memory and may find practical applications in long-distance quantum communication and optical quantum computation.PACS numbers: 42.50. Gy, 32.80.Qk Quantum memory [1][2][3][4][5][6][7][8] is essential for quantum information processing, including quantum communication [9][10][11] and quantum computation [12]. Using quantum repeaters will be a practical protocol for implementing long-distance quantum communication without suffering from transmission loss [13][14][15]. The scheme proposed in Ref.[13] divides a long distance into shorter elementary channels, stores and retrieves entanglement pairs, and extends the transmission distance via entanglement swapping. Quantum memory, a storage device mapping quantum state between light and matter, is a crucial component of the quantum repeater. Processing a particular task or waiting for the completion of others requires a quantum state to be stored in memory for a long enough time. Therefore, quantum memory with high storage efficiency (SE), which is defined as the ratio of recalled to input photon energies, and long coherence time are the keys to successful operation of long-distance quantum communication and quantum information processing.The fractional delay (FD) or delay-bandwidth product at 50% SE is a possible figure of merit for a memory in the no-cloning limit [16,17] or in the one-way quantum computation [18], where FD is defined as the ratio of storage time to the full-width-half-maximum (FWHM) pulse duration. Several memory devices based on different mechanisms, such as gradient photon echo, Raman interaction, and electromagnetically induced transparency (EIT), have been proposed and experimentally demonstrated. With the gradient echo memory, a maximum SE of 87% as well as the FD of 11 at 50% SE for classical light was demonstrated [6], and the recall fidelity can be as high as 98% for coherent pulses containing around one photon [7]. With a far-off-resonant Raman transition, Ref. [8] showed Raman memory with an SE of 43% and a coherence time of approximately 1 µs for 300-ps coherent light pulses.Slowing and storing light using the EIT effect [19,20] has been intensively explored in the past two dec...