A magnetoresistive element includes first, second, and third fixed layers, first, second, and third spacer layers, and a free layer. The first fixed layer is made of a ferromagnetic material and having an invariable magnetization direction. The first spacer layer is formed on the first fixed layer and made of an insulator. The free layer is formed on the first spacer layer, made of a ferromagnetic material, and having a variable magnetization direction. The second spacer layer is formed on the free layer and made of a nonmagnetic material. The second fixed layer is formed on the second spacer layer, made of a ferromagnetic material, and having an invariable magnetization direction. The third spacer layer is formed below the first fixed layer and made of a nonmagnetic material. The third fixed layer is formed below the third spacer layer, made of a ferromagnetic material, and having an invariable magnetization direction.