A magnetic recording element includes a first fixed layer having a first and second face and having a magnetization direction fixed in a direction penetrating the first and second face. A free layer has a third and fourth face, a magnetization easy and hard axis both extending along the third or fourth face, and a magnetization direction which changes according to a direction of a current flowing through the first and fourth face with a magnetic field applied in a fixed direction or according to a direction of a magnetic field applied to the free layer with a current flowing through the first and fourth face in a fixed direction. A nonmagnetic first intermediate layer is provided between the second and third face. A magnetic field generating layer applies a magnetic field smaller than the anisotropy field of the free layer to the free layer along the magnetization hard axis.