Abstract: The properties of a quantum dot coupled with two magnetic electrodes, such as the Kondo resonance, spin－splitting of single electron levels, magnetization, and linear conductance, are discussed. The results show that the linear conductance is of double－peak structure at low temperature. Both the Kondo resonance and the spin－splitting of the single electron levels can be controlled by internal magnetization of the electrodes, which can be used to generate a spin－valve effect.