According to one embodiment, a magnetoresistive element includes a recording layer having magnetic anisotropy perpendicular to a film surface and having a variable magnetization direction, a reference layer having magnetic anisotropy perpendicular to a film surface and having an invariable magnetization direction, an intermediate layer provided between the recording layer and the reference layer, and a underlayer containing AlTiN and provided on an opposite side of a surface of the recording layer on which the intermediate layer is provided.