Various types of multilayer coatings including Al/$Al_2O_3$ structure have been prepared on Nd-Fe-B permanent magnet to modify the morphology of the coating and to enhance the corrosion resistance of the magnet. Magnetron sputtering has been employed to make the multilayer coatings. $Al_2O_3$sputtering conditions were optimized in reactive sputtering by varying the deposition parameters. The formation of $Al_2O_3$ film was confirmed from the binding energy shift measured by electron spectroscopy for chemical analysis. 3 types of coating structures were designed and prepared by magnetron sputtering. The coating structures consist of (1) single Al coating, (2) modified coatings having oxide or plasma treated layer in the middle of coating structure, and (3) Al/$Al_2O_3$ multilayer coatings. Surface and cross-sectional morphologies showed that Al/$Al_2O_3$ multilayer grew as a layered structure, and that very compact Zone 3 like structure were formed. X-ray diffraction peak showed that the crystal orientations of multilayer coatings were similar to that of the bulk powder pattern. Hardness increased drastically when the Al thickness was around 1im in the Al/$Al_2O_3$ multilayer. From the salt spray test and pressure cooker test, it has been shown that the multilayer coatings showed good corrosion resistance compared to Al single or modified layer coatings.