The Spin-dependent tunneling magnetoresistance (TMR) effect was observed in $NiFe/Al_2O_3$/Co thin films. The samples were prepared by magnetron sputtering in a system with a base pressure of $3 imes10^{-6}$Torr. the insulating $Al_2O_3$layer was prepared by r.f. plasma oxydation method of a metallic Al layer. The ferromagnetic and insulating layers were deposited through metallic masks to produce the cross pattern form. The junction has an active area of $0.3 imes0.3 extrm{mm}^2$ and the $Al_2O_3$layer is deposited through a circular mask with a diameter of 1mm. It is very important that insulating layer is formed very thinly and uniformly in tunneling junction. The ferromagnetic layer was fabricated in optimum conditions and the surface of that was very flat, which was observed by AFM. Tunneling junction was confirmed through nonlinear I-V curve. $NiFe/Al_2O_3$/Co junction was observed for magnetization behavior and magnetoresistance property and magnetoresistance property is dependent on magnetization behavior and magnetoresistance property and magnetoresistance property is dependent on magnetization behavior of t재 ferromagnetic layer. The maximum magnetoresistance ratio was about 6.5%.