It is made possible to provide a highly reliable magnetoresistive effect element and a magnetic memory that operate with low power consumption and current writing and without element destruction. The magnetoresistive effect element includes a first magnetization pinned layer comprising at least one magnetic layer and in which a magnetization direction is pinned, a magnetization free layer in which a magnetization direction is changeable, a tunnel barrier layer provided between the first magnetization pinned layer and the magnetization free layer, a non-magnetic metal layer provided on a first region in an opposite surface of the magnetization free layer from the tunnel barrier layer, a dielectric layer provided on a second region other than the first region in the opposite surface of the magnetization free layer from the tunnel barrier layer; and a second magnetization pinned layer provided to cover opposite surfaces of the non-magnetic metal layer and the dielectric layer from the magnetization free layer.