A magnetoresistive element includes a foundation layer, a first magnetic layer on the foundation layer, a tunnel barrier layer on the first magnetic layer, and a second magnetic layer on the tunnel barrier layer. The first magnetic layer is made of a ferromagnetic metal containing one or more elements selected from a first group consisting of Co, Fe, and Ni, and one or more elements selected from a second group consisting of Cu, Ag, Au, Pd, Pt, Ru, Rh, Ir, and Os. The foundation layer is made of a metal containing one or more elements selected from a third group consisting of Al, Ni, Co, Fe, Mn, Cr, and V.