A magnetoresistive element according to an embodiment includes: a first layer; a first magnetic layer; a second magnetic layer disposed between the first layer and the first magnetic layer; a nonmagnetic layer disposed between the first magnetic layer and the second magnetic layer; and an insulating layer disposed at least on side surfaces of the nonmagnetic layer, the first layer including: at least one element selected from a first group consisting of Hf, Zr, Al, Cr, and Mg; and at least one element selected from a second group consisting of Ta, W, Mo, Nb, Si, Ge, Be, Li, Sn, Sb, and P, and the insulating layer including at least one element selected from the first group.