Abstract: The spin valve multilayer, consisting of Ta/NiFe/Cu/NiFe/FeMn/Ta, with giant magnetoresistance(GMR) has been successfully produced by magnetron sputtering. It is Possessed of good properties. The magnetoresistance ratio MR>2% at room temperature, the coereivity of free layer H_cl< 160 A / m, shift field H_f < 800 A / m and the biasing exchange field H_ex≈20·10³ A / m. As a new magnetic functional malarial, these properties can meet the requirement for preparation of magnetic field sensors with high sensitivity, for example in magnetic recording magnetoresistance read head.