A magnetoresistive element includes a magnetoresistive film including a magnetization pinned layer, a magnetization free layer, an intermediate layer arranged between the magnetization pinned layer and the magnetization free layer, a cap layer arranged on the magnetization pinned layer or on the magnetization free layer, and a functional layer formed of an oxygen- or nitrogen-containing material and arranged in the magnetization pinned layer, or in the magnetization free layer, and a pair of electrodes which pass a current perpendicularly to a plane of the magnetoresistive film, in which a crystalline orientation plane of the functional layer is different from a crystalline orientation plane of its upper or lower adjacent layer.