A magneto-resistive device has a high reproducing output and is suitable for use as a CPP-GMR device. The magneto-resistive device has a first magnetic layer, a second magnetic layer, and a non-magnetic spacer formed between the first and second magnetic layers. The first magnetic layer contains a magnetic material whose conduction electrons belong to a first energy band, and the second magnetic layer contains a magnetic material whose conduction electrons belong to a second energy band. The first and second energy bands are attributable to orbitals of the same kind, thereby increasing the ratio of change in magnetoresistance and adjusting the electric resistance.