A spin valve element driving method, and a spin valve element employing such a method, for causing microwave oscillation in a spin valve element. The spin valve element includes an intermediate layer and a pair of ferromagnetic layers including a fixed layer and a free layer sandwiching the intermediate layer, the fixed layer having a higher coercivity than the free layer, and being magnetized in a direction substantially perpendicular to a film plane thereof. The method includes a driving step of passing current from one of the pair of ferromagnetic layers to the other through the intermediate layer.