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Magnetic tunnel junction (MTJ) can serve as an excellent testbed for connecting Molecule between two ferromagnetic electrodes. A paramagnetic molecule covalently bonded to two ferromagnetic electrodes with two thiol functional groups can produce intriguing transport and magnetic properties. We have chemically bonded paramagnetic molecules between two ferromagnetic electrodes of a MTJ along the exposed side edges. In this paper we discussed the observation of Molecule induced dramatic changes in the magnetic and transport properties of the conventional magnetic tunnel junctions. Paramagnetic molecules were chemically bonded to ferromagnetic electrodes to bridge them across the insulating spacer along the exposed edges. Paramagnetic molecular channels along the tunnel junction edges decreased the overall current, through tunnel barrier and molecular channels, > 5 orders of magnitude below the leakage current of the bare tunnel junction at room temperature. These molecules caused significant changes in the spin density of states due to potential spin filtering effect. Also, paramagnetic molecules produced antiferromagnetic coupling between the affected magnetic electrodes. In this state spin transport in the magnetic tunnel junction based molecular devices plummeted by several orders. It is also noteworthy that our experimental studies provide a platform to connect a vast variety of ferromagnetic leads to the even broader array of high potential molecules such as single molecular magnets, porphyrin, and single ion molecules. The strength of exchange coupling between ferromagnetic electrodes and molecules can be tailored by utilizing different tethers and terminal functional groups. The MTJMSD can provide an advanced form of logic and memory devices, including a testbed for the Molecule based quantum computation devices. Future study about the interaction between molecular magnets and ferromagnets and interaction of thiol ended alkanes with ferromagnets will be of very valuable. This study indicates the potential of magnetic molecules as a mean to transforming conventional magnetic tunnel junctions and producing unprecedented magnetic and transport properties.