A magnetoresistive element which records information by supplying spin-polarized electrons to a magnetic material, includes a first pinned layer which is made of a magnetic material and has a first magnetization directed in a direction perpendicular to a film surface, a free layer which is made of a magnetic material and has a second magnetization directed in the direction perpendicular to the film surface, the direction of the second magnetization reversing by the spin-polarized electrons, and a first nonmagnetic layer which is provided between the first pinned layer and the free layer. A saturation magnetization Ms of the free layer satisfies a relationship 0≦Ms