A magneto-resistance effect element, comprising a first magnetic layer, a first metallic layer, which is formed on said first magnetic layer, mainly containing an element selected from the group consisting of Cu, Au, Ag, a current confined layer including an insulating layer and a current path which are made by oxidizing, nitriding or oxynitriding for a second metallic layer, mainly containing Al, formed on said first metallic layer, a functional layer, which is formed on said current confined layer, mainly containing an element selected from the group consisting of Si, Hf, Ti, Mo, W, Nb, Mg, Cr and Zr, a third metallic layer, which is formed on said functional layer, mainly containing an element selected from the group consisting of Cu, Au, Ag; and a second magnetic layer which is formed on said third metallic layer.