According to one embodiment, a magnetoresistive element includes a recording layer having a variable magnetization direction, a reference layer having an invariable magnetization direction, an intermediate layer provided between the recording layer and the reference layer, and a first buffer layer provided on a surface of the recording layer, which is opposite to a surface of the recording layer where the intermediate layer is provided. The recording layer comprises a first magnetic layer which is provided in a side of the intermediate layer and contains CoFe as a main component, and a second magnetic layer which is provided in a side of the first buffer layer and contains CoFe as a main component, a concentration of Fe in the first magnetic layer being higher than a concentration of Fe in the second magnetic layer. The first buffer layer comprises a nitrogen compound.