Cobalt‐noble metal (Co‐NM, NM; Pd and Pt) thin films deposited in an alternating multilayer structure by the magnetron dc‐sputtering method have an artificial superlattice structure, where Co and NM grow epitaxially on the closest planes of them and a compositionally sharp interface is fabricated. Films with a small periodicity have either a hexagonal closed pack (hcp) structure with thecaxis normal to the film plane or a face centered cubic structure (fcc) with the ⟨111⟩ axis normal to the film plane, depending on the thickness ratio of Co and NM layers. A long‐range crystalline order is hardly maintained due to generation of the crystalline phases of Co and NM in films with a large periodicity. The artificial superlattice structure of the films is thermally stable to temperatures up to 500 °C. Many films are ferromagnetic with an easy magnetization direction in the film plane. The perpendicular magnetization hysteresis loop with the coercivities smaller than 1 kOe was obtained in both the Co‐Pd films with a Co layer (less than 10 A˚) thinner than a Pd layer and the Co‐Pt films with a Co layer (less than 15 A˚) thinner than a Pt layer. Pd atoms at the interface in the Co‐Pd film show the ferromagnetism with an induced magnetization of about 300 G, 0.5 &mgr;Bper Pd atom.