We consider states with large angular momentum to facilitate the study of the Mtheory regime of the AdS 4 /CFT 3 correspondence. More precisely, we study the duality between M-theory on AdS 4 × S 7 / k and N = 6 supersymmetric Chern-Simons-matter (ABJM) theory with gauge group U(N )×U(N ) and level k, in the regime where k is of order one and N is large. In this regime the study of both sides of the duality is challenging: the lack of an explicit formulation of M-theory in AdS 4 × S 7 / k makes the gravity side difficult, while the CFT side is strongly coupled and the planar approximation is not applicable. In order to overcome these difficulties, we focus on states on the gravity side with large orbital angular momentum J ≫ 1 associated with a single plane of rotation in S 7 . We then identify the corresponding operators in the CFT, thereby establishing the AdS/CFT dictionary in this large angular momentum sector. We show that there are natural approximation schemes on both sides of the correspondence as a consequence of the presence of the small parameter 1/J. On the AdS side, the sector we focus on is well-approximated by the matrix model of M-theory -with matrices of size J/kdefined on the maximally supersymmetric eleven-dimensional pp-wave background. The pp-wave approximation to M-theory in AdS 4 ×S 7 / k is justified for 1 ≪ J ≪ N 1/2 , while loop corrections in the matrix model are suppressed compared to tree-level contributions for J ≫ N 1/3 . On the CFT side, we study the ABJM theory defined on S 2 × Ê with large magnetic flux J/k. Using a carefully chosen gauge, we find an expansion of the Born-Oppenheimer type which arises naturally for large J in spite of the theory being strongly coupled. The energy spectra computed on the two sides agree at leading order. This provides a highly non-trivial test of the AdS 4 /CFT 3 correspondence including near-BPS observables associated with membrane degrees of freedom, therefore extending the validity of the AdS 4 /CFT 3 duality beyond the previously studied sectors corresponding to either BPS supergravity observables or the type IIA string regime.for the applicability of the pp-wave approximation.After describing the ground state in the large J sector, we discuss the spectrum of fluctuations around the classical vacuum configurations following [28][29][30]. We present the tree level spectrum, which is determined by the pp-wave matrix model Hamiltonian at quadratic order in the fluctuations. We then discuss the behaviour of quantum corrections associated with cubic and quartic terms in the fluctuations 3 . The condition that one-loop effects produce small corrections to the tree level result turns out to be J ≫ N 1/3 .( 1.2) It is crucial for our proposal that both conditions, (1.1) and (1.2), can be satisfied for large N choosing the parameter J so thatHaving discussed the large angular momentum sector on the gravity side using the ppwave matrix model, we then describe the dual large J observables in the CFT. These are gauge-invariant operators in the ABJM theory...