By varying only the thickness of a known material having superior magnetic characteristics to increase spin polarization without changing the chemical composition, a tunnel magnetoresistive element capable of producing a larger magnetoresistive effect is provided. The tunnel magnetoresistive element includes an underlayer (nonmagnetic or antiferromagnetic metal film); an ultrathin ferromagnetic layer disposed on the underlayer; an insulating layer disposed on the ultrathin ferromagnetic layer; and a ferromagnetic electrode disposed on the insulating layer.