A series of Fe/CeO$_2$/Fe$_{75}$Co$_{25}$ tunnel junctions (Magnetic Tunnel Junction, MTJ) having CeO$_2$ barrier layers from 30 to 90$AA$ in thickness were prepared by ion beam sputtering (IBS) method. In order to compare the properties of MTJs, Fe/Al oxide/Fe-Co tunnel junctions were also prepared. Some junctions with a CeO$_2$ barrier layer showed the ferromagnetic tunneling effect and the highest MR ratio at room temperature was 5%. The electric resistance of junctions with a CeO$_2$ barrier layer was higher that that of junctions with an Al oxide barrier. On the other hand, The interface analysis of the Fe/CeO$_2$ bilayer was conducted by means of X-ray photoelectron spectroscopy (XPS). It was found that CeO$_2$ was decomposed to Ce and $O_2$ during sputtering, and Fe was oxidized with these decomposed $O_2$ molecules. The reduction of both electric resistance and MR ratio may be associated with the decomposed Ce in the barrier layer.r.r.