Provided is a current induced switching magnetoresistance device comprising a magnetic multilayer composed of a first ferromagnetic layer, a nonferromagnetic layer, and a second ferromagnetic layer, wherein the first ferromagnetic layer has an upper electrode, the second ferromagnetic layer pinned by an antiferromagnet, wherein the antiferromagnet contains a lower electrode at its lower part, and the second ferromagnetic layer is embedded with a nano oxide layer. It is preferable to have at least a part of the lower electrode in contact with the second ferromagnetic layer. The magnetoresistance device provides a lower critical current (Ic) for the magnetization reversal and has an increased resistance.