In recent days low cost, high performance microprocessors have led to construction of medium scale shared memory multiprocessor systems with shared bus. Such multiprocessor systems are heavily influenced by the structures of memory systems and memory systems become more important factor in design space as microprocessors are getting faster. Even though local cache memories are very common for such systems, the latency on access to the shared memory limits throughput and scalability. There have been many researches on the memory structure for multiprocessor systems. In this paper, an asynchronous memory architecture is proposed to utilize the bandwith of system bus effectively as well as to provide flexibility of implementation. The effect of the proposed architecture if shown by simulation. We choose, as our model of the shared bus is HiPi+Bus which is designed by ETRI to meet the requirements of the High-Speed Midrange Computer System. The simulation is done by using Verilog hardware decription language. With this simulation, it is explored that the proposed asynchronous memory architecture keeps the utilization of system bus low enough to provide better throughput and scalibility. The implementation trade-offs are also described in this paper. The asynchronous memory is implemented and tested under the prototype testing environment by using test program. This intensive test has validated the operation of the proposed architecture.