In this study, we have systematically investigated the effect of sputtering conditions on the microstructural properties of Ag/CoFeB thin film on MgO substrate. It was found that the crystallinity and surface roughness of the Ag film strongly depends on the Ar sputtering pressure and sputtering power. Epitaxial growth of Ag(100) film on MgO(100) substrate was achieved under the sputtering conditions of high sputtering power and elevated temperature. XRR (X-ray reflectivity) and high-resolution TEM (transmission electron microscopy) measurements also revealed the interfacial roughening in the Ag/CoFeB interface due to the island structure formation and intermixing between Ag and CoFeB.