Provided are a memory controller with data read-modify-write function, and a system-on-chip (SOC) having such a memory controller, where the memory controller is connected to a memory, the memory controller is connected to IP (intellectual property) blocks and a microprocessor via a system bus, and, in response to one of read, write, and modify request signals received from the one of the IP blocks or the microprocessor and an address signal, the memory controller reads a data signal from the memory, writes a write data signal to the memory, or modifies the data signal read from the memory and writes the modified data signal to the memory such that the memory controller and the SOC can reduce occupation time for the system bus and access time for the memory and additionally reduce unnecessary power consumption.