According to one embodiment, a magnetic element includes first and second conductive layers, an intermediate interconnection, and first and second stacked units. The intermediate interconnection is provided between the conductive layers. The first stacked unit is provided between the first conductive layer and the interconnection, and includes first and second ferromagnetic layer and a first nonmagnetic layer provided between the first and second ferromagnetic layers. The second stacked unit is provided between the second conductive layer and the interconnection, and includes third and fourth ferromagnetic layers and a second nonmagnetic layer provided between the third and fourth ferromagnetic layers. A magnetization direction of the second ferromagnetic layer is determined by causing a spin-polarized electron and a magnetic field to act on the second ferromagnetic layer.