The magnetoresistance of a MgO-based magnetic tunnel junction (MTJ) was studied experimentally. The magnetoresistance as a function of current was measured systematically on MTJs for various MgO cross sectional areas and at various temperatures from 7.5 to 290.1 K. The resistance current dependence of the MTJ was also measured for different angles between the two ferromagnetic layers. By considering particle and angular momentum conservation of transport electrons, the current dependence of magnetoresistance can be explained by the changing of spin polarization in the free magnetic layer of the MTJ. The changing of spin polarization is related to the magnetoresistance, its angular dependence and the threshold current where TMR ratio equals zero. A phenomenological model is used which avoid the complicated barrier details and also describes the data.