According to one embodiment, a magnetoresistive element includes a first magnetic layer with a variable magnetization and an easy-axis in a perpendicular direction to a film surface, a second magnetic layer with an invariable magnetization and an easy-axis in the perpendicular direction, and a first nonmagnetic layer between the first and second magnetic layers. The first magnetic layer comprises a ferromagnetic material including an alloy in which Co and Pd, or Co and Pt are alternately laminated on an atomically close-packed plane thereof. The first magnetic layer has C-axis directing the perpendicular direction. And a magnetization direction of the first magnetic layer is changed by a current flowing through the first magnetic layer, the first nonmagnetic layer and the second magnetic layer.