Disclosed are a CPP magnetic sensing element employing the exchange bias method in which a sensing current is prevented from expanding in the track width direction in the multilayer film while the magnetization of the free magnetic layer is controlled properly, side reading is effectively prevented, and read output is improved, and a method for fabricating the same. First insulating layers are disposed at both sides in the track width direction of a multilayer film, a second free magnetic layer is disposed over the multilayer film and the first insulating layers, and second antiferromagnetic layers are disposed on both side regions of the second free magnetic layer.