Magnetic tunnel junctions (MTJs) are elementary units of magnetic memory devices. For high-speed and low-power data storage and processing applications, fast reversal of the magnetization by an ultrashort laser pulse is extremely important. We demonstrate single-shot switching of Tb/Co-multilayer based nanoscale MTJs by combining the optical writing and the electrical read-out methods. A 90-fs-long laser pulse switches the magnetization of the storage layer (SL). The change in the tunneling magnetoresistance (TMR) between the SL and a reference layer (RL) is probed electrically across the oxide barrier. Single-shot switching is demonstrated by varying the cell diameter from 300 nm to 20 nm. The anisotropy, magnetostatic coupling, and switching probability exhibit cell-size dependence. By suitable association of laser fluence and magnetic field, successive commutation between high-resistance and low-resistance states is achieved. The nature of the magnetization reversal of both SL and RL in a continuous film is probed with a depth-resolved magneto-optical Kerr effect (MOKE) magnetometry. The ultrafast dynamics in the continuous full-MTJ stack is investigated with the time-resolved pump–probe technique. Our experimental findings provide strong support for the growing interest in ultrafast spintronic devices.