A magnetoresistive element includes a pinned layer, free layer and non-magnetic spacer film between them. The pinned layer is made up of a first ferromagnetic metal layer, first non-metal layer on the first ferromagnetic metal layer, second non-metal layer on the first non-metal layer and different in composition from the first non-metal layer, and second ferromagnetic metal layer on the second non-metal layer. Thus, the magnetoresistive element, which may be used in a magnetic head of a magnetic recording apparatus, ensures a good bias property of the pinned film while maintaining a large MR changing rate of a specular spin valve structure, and it is simultaneously improved in soft magnetic property.