A magnetic recording element according to an example of the present invention includes a magnetic free layer whose magnetization is variable in accordance with a current direction passing through a film and whose direction of easy axis of magnetization is a direction perpendicular to a film plane, a magnetic pinned layer whose magnetization is fixed to a direction perpendicular to the film plane, and a non-magnetic barrier layer between the magnetic free layer and the magnetic pinned layer. In the magnetic free layer, a relation between a saturated magnetization Ms (emu/cc) and an anisotropy field Han (Oe) satisfies Han>12.57 Ms, and Han<1.2 E7 Ms.sup.-1+12.57 Ms.