A magneto-resistive element comprising a free layer having two ferromagnetic layers having a nonmagnetic layer interposed therebetween are coupled with each other in an anti-ferromagnetic manner, a difference between an absolute value of a total of magnetizations of at least one ferromagnetic layer in which the magnetization direction is a first direction and an absolute value of a total of magnetizations of at least one ferromagnetic layer in which the magnetization direction is a second direction which is opposite to the first direction is equal to or smaller than 5.times.10.sup.-15 emu, and planes parallel to a substrate of the ferromagnetic layers are smaller as the planes are distant from the substrate.