Abstract: The present invention provides a low resistance high magnetoresistance (MR) device comprised of a junction of two magnetic elements separated by a magnesium oxide (MgO) layer doped with such metals as Al and Li. Such device can be used as a sensor of magnetic field in magnetic recording or as a storage element in magnetic random access memory (MRAM). The invention provides a high-MR device possessing a diode function, comprised of a double junction of two outer magnetic elements separated by two MgO insulating layer and a center MgO layer doped with such metals as Al and Li. Such device provides design advantages when used as a storage element in MRAM. The invention with MR wherein a gate electrode is placed in electrical or physical contact to the center layer of the double tunnel junction.