A magnetoresistive element according to an embodiment includes: a first and second magnetic layers having an easy axis of magnetization in a direction perpendicular to a film plane; and a first nonmagnetic layer interposed between the first and second magnetic layers, at least one of the first and second magnetic layers including a structure formed by stacking a first and second magnetic films, the second magnetic film being located closer to the first nonmagnetic layer, the second magnetic film including a structure formed by repeating stacking of a magnetic material layer and a nonmagnetic material layer at least twice, the nonmagnetic material layers of the second magnetic film containing at least one element selected from the group consisting of Ta, W, Hf, Zr, Nb, Mo, Ti, V, and Cr, one of the first and second magnetic layers having a magnetization direction that is changed by applying a current.