A giant magneto-resistive effect device having a CPP structure including a spacer layer, and a fixed magnetization layer and a free layer stacked one upon another with said spacer layer interposed between them. The free layer functions such that its magnetization direction changes depending on an external magnetic field. The spacer layer comprises a first nonmagnetic metal layer and a second nonmagnetic metal layer, each formed of a nonmagnetic metal material. A semiconductor oxide layer is interposed between them. The semiconductor oxide layer forming a part of the spacer layer comprises zinc oxide as a main ingredient.