There are provided a magnetoresistive effect element having a satisfactory magnetic characteristic and a magnetic memory device including this magnetoresistive effect element to produce excellent write/read characteristics. A magnetoresistive effect element 1 has a pair of ferromagnetic layers (magnetization fixed layer 5 and magnetization free layer 7) opposed to each other through an intermediate layer 6 to produce a magnetoresistive change by a current flowing to the direction perpendicular to the film plane, the magnetization free layer having a normalized resistance ranging from 2000 nm² to 10000 nm² where a product of a specific resistance obtained when a current flows to the film thickness direction of the magnetization free layer 7 and a film thickness is defined as the normalized resistance. A magnetic memory device includes this magnetoresistive effect element 1 and bit lines and word lines sandwiching the magnetoresistive effect element 1.