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Spin-transfer torque magnetic tunnel junction (MTJ) is a promising candidate for nonvolatile memories thanks to its high speed, low power, infinite endurance, and easy integration with CMOS circuits. However, a relatively high current flowing through an MTJ is always required by most of the switching mechanisms, which results in a high electric field in the MTJ and a significant self-heating effect. This may lead to the dielectric breakdown of the ultrathin ( $\sim 1$ nm) oxide barrier in the MTJ and cause functional errors of hybrid CMOS/MTJ circuits. This paper analyzes the physical mechanisms of time-dependent dielectric breakdown (TDDB) in an oxide barrier and proposes an SPICE-compact model of the MTJ. The simulation results show great consistency with the experimental measurements. This model can be used to execute a more realistic design according to the constraints obtained from simulation. The users can estimate the lifetime, the operation voltage margin, and the failure probability caused by TDDB in the MTJ-based circuits. [ABSTRACT FROM AUTHOR]