A magnetoresistive element includes a first magnetic layer which includes a first surface and a second surface and has a first standard electrode potential, a second magnetic layer, a barrier layer which is provided between the second magnetic layer and the first surface of the first magnetic layer, and a nonmagnetic cap layer which contacts the second surface of the first magnetic layer and is formed from an alloy of a first metal material and a second metal material, the first metal material having a second standard electrode potential lower than the first standard electrode potential, the second metal material having a third standard electrode potential higher than the first standard electrode potential.