A magnetoresistive element includes a magnetoresistive film having a magnetization pinned layer whose magnetization is substantially pinned to one direction, a nonmagnetic intermediate layer, and a magnetization free layer whose magnetization is changed in direction depending on an external magnetic field, in which the magnetization pinned layer or nonmagnetic intermediate layer includes an insulator, and a pair of electrodes electrically connected to the magnetoresistive film so as to supply a sense current in a direction substantially perpendicular to a plane of the magnetoresistive film. The magnetization free layer includes a body-centered cubic layer with a body-centered cubic structure, and the thickness of the body-centered cubic layer is 2 nm or more.