A magneto-resistive element employs a CPP structure and includes an antiferromagnetic layer, a pinned magnetization layer, a nonmagnetic intermediate layer and a free magnetization layer that are successively stacked. The pinned magnetization layer includes a first pinned magnetization layer, a nonmagnetic coupling layer and a second pinned magnetization layer that are successively stacked on the antiferromagnetic layer, and the first and second pinned magnetization layers are antiferromagnetically exchange-coupled. One of the first and second pinned magnetization layer is formed by a ferromagnetic layer made of a ferromagnetic material at least including one element or alloy selected from a group consisting of Co, Fe, Ni and alloys thereof, and the other is formed by a resistance control layer made of a conductive ferromagnetic oxide.