We investigated the influence of insulating barrier thickness and the Ti composition dependence of the band structure of M-oxide on the resistance and tunneling magnetoresistance (TMR) behavior of the magnetic tunnel junction (MTJ). Low resistance x area (RA) value (1.1 M Omega mu m(2)) was achieved by decreasing the Al-oxide thickness down to 1.0 nm. However, this led to the partial oxidation of the bottom ferromagnetic (FM) electrode of the junction and non-continuous thin barriers by the occurrence of pinholes, with low TMR ratio of 8.3%. For an alternative for low RA value, we developed a new Ti-alloyed Al-oxide (TiAlOx) that had lower band gap than Al-oxide as an insulating barrier of MTJ. As the Ti concentration increased up to 5.33 at.% Ti in Al, the RA value of the MTJs was reduced from 9.5 to 0.69 M Omega mu m(2), owing to the band-gap reduction of TiAlOx caused by the formation of extra bands, mainly composed of Ti-3d orbitals, within the band gap. It was analyzed that TiAlOx has localized d states in the band gap below the conduction band. In addition, the TMR ratio increased with the Ti concentration and reached a maximum of 49% at 5.33 at.% Ti owing to the microstructural evolution of Ti-Al alloy film in the pre-oxidation state. (c) 2005 Elsevier B.V. All rights reserved.