A CPP giant magnetoresistive element includes a multilayer film including a lower pinned magnetic layer having a laminated ferrimagnetic structure including a lower first pinned magnetic sublayer, a lower nonmagnetic intermediate sublayer, and a lower second pinned magnetic sublayer; a lower nonmagnetic layer; a free magnetic layer; an upper nonmagnetic layer; and an upper pinned magnetic layer having a laminated ferrimagnetic structure including an upper second pinned magnetic sublayer, an upper nonmagnetic intermediate sublayer, and an upper first pinned magnetic sublayer disposed in that order. Each of the free magnetic layer and the lower and upper second pinned magnetic sublayers is composed of a NiFeX alloy or NiFeCoX alloy, X being an element which decreases the saturation magnetization of a NiFe or NiFeCo base.