A magnetoresistive effect element includes a first 
magnetic layer, a second 
magnetic layer, and a first spacer layer. The first 
magnetic layer has an invariable 
magnetization direction. The second magnetic layer has a variable 
magnetization direction, and contains at least one element selected from Fe, Co, and Ni, at least one element selected from Ru, Rh, Pd, Ag, Re, Os, Ir, Pt, and Au, and at least one element selected from V, Cr, and Mn. The spacer layer is formed between the first magnetic layer and the second magnetic layer, and made of a nonmagnetic material. A bidirectional 
electric current flowing through the first magnetic layer, the spacer layer, and the second magnetic layer makes the 
magnetization direction of the second magnetic layer variable.