A first magnetic layer has a magnetization fixed along one direction. A first nonmagnetic layer on the first magnetic layer functions as a first tunnel barrier. A second magnetic layer on the first nonmagnetic layer has a magnetization whose direction can be reversed by spin transfer current injection. A second nonmagnetic layer on the second magnetic layer functions as a second tunnel barrier. A third magnetic layer on the second nonmagnetic layer has a magnetization whose direction can be reversed by spin transfer through current injection at a current density different from the second magnetic layer. First magnetic, first nonmagnetic layer, and second magnetic layers exhibit a first magnetoresistive effect. Second magnetic, second nonmagnetic, and third magnetic layers exhibit a second magnetoresistive effect. A magnetoresistive effect element records and reads out data of at least three levels based on a synthetic resistance from the first and second magnetoresistive effects.