A magnetoresistive element includes a first magnetic layer having an axis of magnetization perpendicular to the film surface and a fixed magnetization orientation; a second magnetic layer having an axis of magnetization perpendicular to the film surface and a changeable magnetization orientation; a first nonmagnetic layer arranged between the first and second magnetic layers; and a third magnetic layer having an axis of magnetization perpendicular to the film surface and a fixed magnetization orientation opposite that of the first magnetic layer. The first magnetic layer has a first magnetic material film in contact with the first nonmagnetic layer, a nonmagnetic material film in contact with the first magnetic material film, and a second magnetic material film containing Co100-xWx (0