The present invention provides a magnetic detecting element including a pinned magnetic layer and a first antiferromagnetic layer which constitutes an exchange coupling film and the structures of which are optimized for properly pinning magnetization of the pinned magnetic layer, improving reproduction output and properly complying with a narrower gap, and a method of manufacturing the magnetic detecting element. The pinned magnetic layer has a synthetic ferrimagnetic structure, and the first antiferromagnetic layer has a predetermined space C formed at the center in the track width direction to produce exchange coupling magnetic fields only between the first antiferromagnetic layer and both side portions of a first magnetic layer of the pinned magnetic layer. Therefore, the magnetization of the pinned magnetic layer can be pinned, and an improvement in reproduction output and gap narrowing can be realized. Furthermore, a magnetic detecting element with high resistance to electrostatic damage (ESD) can be manufactured. Thus, a magnetic detecting element adaptable for a future higher recording density can be provided.