Fe-Hf-O films composed of bcc-Fe nanograins and an amorphous phase are known as soft magnetic materials suitable for high-frequency use because of their high resistivity. The present paper describes the two different types of magnetoresistive (MR) effect in these films with different compositions. One is the anisotropic MR with a resistivity change, Δρ, twice as large as that of Ni-Fe films, despite resistivities higher than 10 μΩm. The other is the isotropic MR with a surprisingly large Δρ, three orders of magnitude higher than that of Ni-Fe, which is observed in the Fe-poor ( 50 at% Fe) films with even higher resistivities (> 10 3 μΩm). This effect is considered to be a tunneling-type granular giant MR due to the spin-dependent tunneling conductance between bcc nanograins through an insulating amorphous phase. The relation between microstructure and MR characteristics is also described.