A tunneling magnetoresistive (TMR) sensor includes a first ferromagnetic (FM) layer (e.g. a sense or reference layer), a barrier layer formed over the first FM layer, and a second FM layer (e.g. a sense or reference layer) formed over the barrier layer. The barrier layer is made of magnesium-oxide (Mg--O). The sense and reference layers of the TMR sensor exhibit controlled magnetic properties, the barrier layer provides a low junction resistance-area product, and the TMR sensor exhibits a high TMR coefficient. The junction resistance is sufficiently low so as to prevent electrostatic discharge (ESD) damage to submicron-sized TMR sensors used for magnetic recording at ultrahigh densities.