A magnetoresistive element includes first and magnetic layers, first and second non-magnetic layers and a W layer. Each of the first and second magnetic layers includes an axis of easy magnetization in a direction perpendicular to a film plane. The first magnetic layer has a variable magnetization direction. The second magnetic layer has an invariable magnetization direction. The first non-magnetic layer is provided between the first and second magnetic layers. The second non-magnetic layer is arranged on a surface of the first magnetic layer opposite to a surface on which the first non-magnetic layer is arranged and contains MgO. The W layer is arranged on a surface of the second non-magnetic layer opposite to a surface on which the first magnetic layer is arranged, and is in contact with the surface of the second non-magnetic layer.