A magnetoresistive device includes a magnetization pinned layer, a magnetization free layer, a nonmagnetic intermediate layer formed between the magnetization pinned layer and the magnetization free layer, and electrodes allowing a sense current to flow in a direction substantially perpendicular to the plane of the stack including the magnetization pinned layer, the nonmagnetic intermediate layer and the magnetization free layer. At least one of the magnetization pinned layer and the magnetization free layer is substantially formed of a binary or ternary alloy represented by the formula Fe.sub.aCo.sub.bNi.sub.c (where a+b+c=100 at %, and a.ltoreq.75 at %, b.ltoreq.75 at %, and c.ltoreq.63 at %), or formed of an alloy having a body-centered cubic crystal structure.