The framework of the paper is that of the full Fock space ${\Cal F}^2({\Cal H}_n)$ and the Banach algebra $F^\infty$ which can be viewed as non-commutative analogues of the Hardy spaces $H^2$ and $H^\infty$ respectively. An inner-outer factorization for any element in ${\Cal F}^2({\Cal H}_n)$ as well as characterization of invertible elements in $F^\infty$ are obtained. We also give a complete characterization of invariant subspaces for the left creation operators $S_1,\cdots, S_n$ of ${\Cal F}^2({\Cal H}_n)$. This enables us to show that every weakly (strongly) closed unital subalgebra of $\{φ(S_1,\cdots,S_n):φ\in F^\infty\}$ is reflexive, extending in this way the classical result of Sarason [S]. Some properties of inner and outer functions and many examples are also considered.