Using a single-phase sample of Ce 2 Fe 17 with the rhombohedral Th 2 Zn 17-type structure, we measured the magnetization, resistivity, and specific heat under various magnetic fields up to 5.5 T. Below T c ϭ125 K, giant magnetoresistance ͑GMR͒ is induced by the metamagnetic transition from the antiferromagnetic to ferromagnetic states. The value of ⌬/(Х AF Ϫ F)/ AF) reaches 0.85 at 4.2 K, while the value ␥ (ХC/T at 0 K͒ of 351 mJ/K 2 /mole in zero field only decreases ϳ20% by the metamagnetic transition. These results suggest that GMR is due to the closing of a superzone gap formed by antiferromagnetic ordering of Fe spins, while the large ␥ value is due to valence fluctuations of the Ce-4 f electrons, weakly dependent on magnetic field.