A magnetic element comprises a first magnetic reference part (A) including a first ferromagnetic substance pinned in magnetization (M1) substantially in a first direction, a second magnetic reference part (E) including a second ferromagnetic substance pinned in magnetization (M3) substantially in a second direction, and a magnetic recording part (C) provided between the first and second magnetic reference parts. The magnetic recording part includes a third ferromagnetic substance. A spin transfer intermediate part (B) is provided between the first magnetic reference part and the magnetic recording part. An intermediate part (D) is provided between the second magnetic reference part and the magnetic recording part. A magnetization (M2) of the third ferromagnetic substance can be directed in a direction parallel or anti-parallel to the first direction by passing a writing current between the first magnetic reference part and the magnetic recording part. A relative relation between the second direction and the direction of the magnetization of the third ferromagnetic substance can be detected by passing a sense current between the second magnetic reference part and the magnetic recording part.