The subtle structure‐property relationship in magnetic multilayers is addressed by an array of techniques. Fe/Pt multilayers prepared by magnetron sputter deposition are characterized using x‐ray diffraction, Auger depth profiling, electron microscopy, magnetometry, and x‐ray magnetic circular dichroism. We concentrate on the (Fe9/Pt9)92which is [111] textured in the growth direction, but randomly oriented in‐plane, with average grain size of 30 nm. This sample is magnetized in‐plane, as determined by magnetometry as well as magnetic circular dichroism (MCD). The potential of MCD to follow the magnetic axis orientation in these samples as well as provide an element specific determination of the magnetic moment will be discussed.