According to one embodiment, a magnetoresistive element includes a first magnetic layer with a perpendicular and variable magnetization, a second magnetic layer with a perpendicular and invariable magnetization, and a first nonmagnetic layer between the first and second magnetic layer. The first magnetic layer has a laminated structure of first and second ferromagnetic materials. A magnetization direction of the first magnetic layer is changed by a current which pass through the first magnetic layer, the first nonmagnetic layer and the second magnetic layer. A perpendicular magnetic anisotropy of the second ferromagnetic material is smaller than that of the first ferromagnetic material. A film thickness of the first ferromagnetic material is thinner than that of the second ferromagnetic material.