To reduce variance of characteristics, such as an electric resistance value, in a substrate surface, in the cases of forming a film on a substrate by means of a sputtering method using an insulating material target. This tunnel magnetoresistive effect element manufacturing method implements: a first film-forming step for forming a film by sputtering a first insulating material target when a projection surface of the first insulating material target is in a first state, said projection surface being a part of a plane including a front surface of the substrate; and a second film-forming step for forming a film by sputtering a second insulating material target when the projection surface of the second insulating material target is in a second state that is different from the first state, said projection surface being the part of the plane including the front surface of the substrate. The second film-forming step is implemented such that an insulating film exhibiting a second characteristic change having inverse characteristics with respect to a first characteristic change is obtained at least in a substrate part from a center portion to a peripheral portion of the substrate, said first characteristic change being generated from the substrate center portion to the substrate peripheral portion of the film obtained in the first film-forming step.