A finite element model reproducing the mechanical behaviour during nanoindentation tests on Ti0.67Al0.33/Ti0.54Al0.46N multilayer coatings was developed. Coatings with two different nanoperiods (10 and 50 nm) were deposited by radio-frequency magnetron sputtering from a single sintered titanium/aluminium target using the reactive gas pulsing process. X-ray diffraction and transmission electron microscopy confirmed the multilayer stacking of the coatings. The finite element models of coatings with these two stacking periods were built considering successive hypotheses: equal thicknesses for metal and nitride nanolayers stacked without transition layer, equal thicknesses stacking with a transition layer between each metal and nitride nanolayer and finally imbalanced thicknesses stacking with a transition layer. The elastic and plastic properties of the stacked nanolayers were determined on thick monolithic coatings of metal and nitride using indentation testing and the finite element model updating method respectively. The elastic-plastic properties of the interface were introduced in the multilayer model as a rule of mixtures of the metal and nitride properties using two hypotheses: parallel or serial. For 50 nm-period film, the interface has a negligible effect on the overall indentation response. On the other hand, for the 10 nm period, the imbalanced stacking model with precise knowledge of the transition layer thickness obtained by N K-edge electron energy loss spectroscopy is required to reproduce the experimental indentation curve. Compared to classical analytical models accounting for hardness, not only the hardnesses but also the indentation moduli appear to be well predicted and evaluated in this work.