In a magnetoresistive element of a magnetic memory, a inversion field Hc of at least a first magnetic layer is given by Hc = 2 ⁢ ( Ku - 2 ⁢ π ⁢   ⁢ Ms 2 ⁢ f ) Ms where Ku and Ms are the perpendicular magnetic anisotropy constant and saturation magnetization of the first magnetic layer. The inversion field Hc is set smaller than a magnetic field generated by a magnetic field generation mechanism. Letting T be the film thickness of the first magnetic layer and W be the width and length, f is a factor given by f=7×10−13(T/W)4−2×10−9(T/W)3+3×10−6(T/W)2−0.0019(T/W)+0.9681 A magnetic memory manufacturing method is also disclosed.