According to one embodiment, a magnetoresistive element includes an electrode layer, a first magnetic layer, a second magnetic layer and a nonmagnetic layer. The electrode layer includes a metal layer including at least one of Mo, Nb, and W. The first magnetic layer is disposed on the metal layer to be in contact with the metal layer and has a magnetization easy axis in a direction perpendicular to a film plane and is variable in magnetization direction. The second magnetic layer is disposed on the first magnetic layer and has a magnetization easy axis in the direction perpendicular to the film plane and is invariable in magnetization direction. The nonmagnetic layer is provided between the first and second magnetic layers. The magnetization direction of the first magnetic layer is varied by a current that runs through the first magnetic layer, the nonmagnetic layer, and the second magnetic layer.