<p>The dependence of tunneling conductance and tunneling magnetoresistance (TMR) on barrier thickness in magnetic tunnel junctions is theoretically investigated. The complex band structure of the insulator is taken into account, and an analytical formula for tunneling conductance and TMR is derived. Numerical calculations using a tight-binding model validate the analytical formula. The complex nature of insulator’s band structure leads to significant oscillations in tunneling conductance and TMR as functions of barrier thickness. It is demonstrated that these TMR oscillations are not caused by quantum confinement within the barrier, but are instead analogous to classical two-slit optical interference.</p>