Fe/Co and FeN/CoN multilayer films were prepared by using RF and DC magnetron sputter^ ing technique with Ar or a mixture of Ar and $N_{2}$ gas. Annealing treatment was carried out in a vacuum at temperatures between $100^{circ}C$ and $500^{circ}C$ for lhour. Saturation magnetization (MS) and coercivity (Hc) of Fe/Co mutilayer films were investigated as a function of Fe layer thickness and annealing temperature. Permeability ($mu$) was also examined. Saturation magnetization of 1.8T and coercivity of 1.80e were obtained for the as-deposited Fe/Co($70 AA /15 AA$) multilayer film. The Coercivity(Hc) did not change from 1.8 Oe till the annealing temperature $250^{circ}C$ and then increased rapidly at higher annealing temperatures above $300^{circ}C$. Coercivity(Hc) measured for the as-deposited FeN/CoN multilayer film was 5 Oe. It decreased gradually with annealing up to $250^{circ}C$, and then increased rapidly at higher tempera tures.