The invention provides a giant magneto-resistive effect device (CPP-GMR device) having a CPP (current perpendicular to plane) structure comprising a spacer layer, and a fixed magnetized layer and a free layer stacked one upon another with said spacer layer interposed between them, with a sense current applied in a stacking direction, wherein the free layer functions such that the direction of magnetization changes depending on an external magnetic field, and the spacer layer comprises a first and a second nonmagnetic metal layer, each formed of a nonmagnetic metal material, and a semiconductor oxide layer interposed between the first and the second nonmagnetic metal layer, wherein the semiconductor oxide layer that forms a part of the spacer layer is made of zinc oxide, tin oxide, indium oxide, and indium tin oxide (ITO), the first nonmagnetic metal layer is made of Cu, and the second nonmagnetic metal layer is substantially made of Zn. MR change rate and heat resistance are thus much more improved than ever before.