A magnetic element includes a first ferromagnetic layer, an insulating layer, and a second ferromagnetic layer laminated in this order. At least one of the first and second ferromagnetic layers includes a lower ferromagnetic layer, a non-magnetic conductive layer, and an upper ferromagnetic layer laminated in this order. By changing the kind or the composition of material of the upper and lower ferromagnetic layers, the amount of magnetization of each layer can be controlled to reduce affection by magnetostatic coupling. Changeability of magnetized direction of the first or second ferromagnetic layer can be regulated thereby. This realizes an improvement of sensitivity.