In this letter, an oxide heterostructure has been fabricated by successively growing La0.7Sr0.3MnO3 and ZnO layers on a LaAlO3 (100) substrate using pulsed laser deposition. The ZnO/La0.7Sr0.3MnO3 heterostructure exhibits good rectifying behavior and a positive colossal magnetoresistance (MR) effect over a temperature range of 77-280 K. The maximum MR values are determined to be about 53.9% at H=0.5 T and 36.4% at H=0.3 T. A possible explanation is given in terms of the effect of magnetic fields on the depletion layer and the capture carriers effect at the interface. (c) 2008 American Institute of Physics.