A magnetic recording element includes a fixed layer having first and second surfacesm, a recording layer having third and fourth surfaces and being essentially made of a ferromagnetic material having first and second atomic potentials for the majority-spin band electrons and the minority-spin band electrons, a spacer layer being arranged between the fixed and recording layers and being in contact with the second and third surfaces, a cap layer having fifth and sixth surfaces, being essentially made of a nonmagnetic material having a third atomic potential less than an intermediate value between the first and second atomic potentials, and having a thickness of not more than 3 nm, the fifth surface being in contact with the fourth surface, and a reflecting layer being in contact with the sixth surface and being essentially made of a nonmagnetic material having a forth atomic potential different from the third atomic potential.