A magnetoresistive effect element includes a fixed magnetization layer; a free magnetization layer; a nonmagnetic spacer layer between the fixed magnetization layer and the free magnetization layer; and an insertion layer disposed on an opposite side of the free magnetization layer from the nonmagnetic spacer layer, wherein the first insulating layer has an oxide, a nitride, or an oxynitride including at least one kind of element selected from a group constituted of Al (aluminum), Si (silicon), Mg (magnesium), Ta (tantalum) and Zn (zinc) as a major constituent, and the insertion layer has an oxide, a nitride, or an oxynitride including at least one kind of element selected from a group constituted of Al (aluminum), Si (silicon), Mg (magnesium), Ta (tantalum) and Zn (zinc) as a major constituent.