A method for fabricating a variable-resistance element, the resistance of a material layer being variable in accordance with an electric current or voltage applied across first and second electrodes, the method including: (1) a first electrode production step; (2) a step of forming the material layer on the first electrode, wherein the material layer comprises an oxide semiconductor having a perovskite structure represented by the chemical formula RMCoO.sub.3, wherein R is a rare-earth element and M is an alkaline-earth element; (3) an oxygen treatment step of heating the material layer in an oxygen atmosphere; (4) a step of forming the second electrode on the material layer that was subjected to the oxygen treatment step; and (5) a hydrogen treatment step of heating the material layer in a reducing atmosphere containing hydrogen.