A magnetoresistive element includes at least three metallic magnetic layers, connection layers each provided between the metallic magnetic layers, and electrodes which supply a current perpendicularly to a plane of a stack of the metallic magnetic layers and the connection layers. A magnetization direction of a lowermost or uppermost metallic magnetic layer of the metallic magnetic layers is pinned, and a magnetization direction of an intermediate metallic magnetic layer is twisted such that magnetization directions of the lowermost and the uppermost metallic magnetic layers are made substantially orthogonal to each other at zero external field.