A magnetoresistive effect element of a tunnel junction type includes a magnetic multi-layered film (1), ferromagnetic film (3) and intervening insulating film (2) such that a current flows between the magnetic multi-layered film and the ferromagnetic film, tunneling through the insulating film. The magnetic multi-layered film includes a first ferromagnetic layer, second ferromagnetic layer and anti-ferromagnetic layer inserted between the first and second ferromagnetic layers.