A magnetoresistive element includes a first reference layer having magnetic anisotropy perpendicular to a film surface, and an invariable magnetization, a recording layer having a stacked structure formed by alternately stacking magnetic layers and nonmagnetic layers, magnetic anisotropy perpendicular to a film surface, and a variable magnetization, and an intermediate layer provided between the first reference layer and the recording layer, and containing a nonmagnetic material. The magnetic layers include a first magnetic layer being in contact with the intermediate layer and a second magnetic layer being not in contact with the intermediate layer. The first magnetic layer contains an alloy containing cobalt (Co) and iron (Fe), and has a film thickness larger than that of the second magnetic layer.