The paper reviews results of structural and magnetic (hysteresis loops measured by vibrating sample magnetometer, magnetooptical Kerr effect and magnetoresistance) studies of permalloy/copper multilayers obtained by sputtering. The influence of the layers thicknesses on the magnetic and magnetoresistance properties of the system has been investigated. It is demonstrated that the correct choice of the parameters is necessary to observe giant magnetoresistance (GMR) effect, suitable for applications. The influence of imperfections in the multilayer structures such as roughness of the interfaces and discontinuities of Cu sublayers, on the interlayer exchange coupling and value of GMR effect is also discussed.