Quantum memories with long storage times are key elements in long-distance quantum networks. The atomic frequency comb (AFC) memory in particular has shown great promise to fulfill this role, having demonstrated multimode capacity and spin–photon quantum correlations. However, the memory storage times have so-far been limited to about 1 ms, realized in a Eu3+ doped Y2SiO5 crystal at zero applied magnetic field. Motivated by studies showing increased spin coherence times under applied magnetic field, we developed an AFC spin-wave memory utilizing a weak 15 mT magnetic field in a specific direction that allows efficient optical and spin manipulation for AFC memory operations. With this field configuration the AFC spin-wave storage time increased to 40 ms using a simple spin-echo sequence. Furthermore, by applying dynamical decoupling techniques the spin-wave coherence time reaches 530 ms, a 300-fold increase with respect to previous AFC spin-wave storage experiments. This result paves the way towards long duration storage of quantum information in solid-state ensemble memories.