A tunnel magnetoresistance effect magnetic head having between magnetic shield layers, an antiferromagnetic layer, a pinned layer which has the direction of magnetization pinned by exchange coupling with the antiferromagnetic layer, an insulating layer, and a free layer whose direction of magnetization rotates relatively to external magnetic fields, wherein the antiferromagnetic layer is of an antiferromagnetic substance composed mainly of IrMn, the pinned layer is made up of a first pinned layer of CoFe alloy in contact with the antiferromagnetic layer and a second pinned layer of CoFeB alloy which is antiferromagnetically coupled with the first pinned layer, and the first and second pinned layers have the amount of magnetization such that the difference M1−M2 is in the range of 0