We investigated the role of microstructure and Co layer thickness on the perpendicular magnetic anisotropy of as-deposited and annealed Ta (5 nm)/[Co (tCo)/Au (2 nm)] × N = 20 multilayers with 1 ⩽ tCo ⩽ 2 nm prepared using dc-magnetron sputtering. These multilayers were characterized using a vibrating sample magnetometer, a p-MOKE magnetometer and a microscopy magnetometer, small angle x-ray reflection (XRR), and wide angle x-ray diffraction (XRD) analysis. These multilayers demonstrated strong perpendicular magnetic anisotropy with their saturation magnetization close to the bulk magnetization of Co. Magnetization and magnetic anisotropy increased with annealing and this increase is directly linked to the strain relaxation and sharpening of the interfaces after annealing. Using XRR analysis before and after annealing, and fitting these XRR data, the multilayer periodicities are extracted and the refined layer thickness and surface roughness are determined. Using XRD analysis and fitting these XRD spectra, information regarding both the average lattice spacing of atoms and the strain developed on an individual layer were determined.