We report on the giant junction magnetoresistance observed at low temperature in Fe/p-Si Schottky heterojunction. The device shows good rectifying characteristics at room temperature and a dualSchottky as well as magnetic diodecharacteristics at low temperature, below 50K. Formation of a magnetic field-dependent potential barrier due to electrical injection of spin-polarized carriers from the ferromagnetic electrode into the semiconductor is speculated to result in such large junction resistance. The magnetoresistance value is of the order of 104% at 10K and saturates at approximate to 0.5>kOe, showing dual functionalityworking as a magnetic diode as well as a magnetoresistive element.