A magnetoresistive device includes a first shield layer and a second shield layer disposed at a specific distance from each other, an MR element disposed between the first and second shield layer, and an underlying layer disposed between the first shield layer and the MR element. The underlying layer, the MR element and the second shield layer are stacked on the first shield layer. The underlying layer includes a first layer having a bottom surface that is in contact with the first shield layer, and a second layer having a bottom surface that is in contact with a top surface of the first layer and a top surface that is adjacent to the MR element with a conductive layer disposed in between. The first layer is made of a material including at least one of Ta, Ti, W, HF and Y. The second layer is an alloy including Ni and Cr.