We investigated the effects of annealing temperatures (TA) on a Pd (5 nm)/CoFeB (10 nm)/Pd (3 nm)/Ta (10 nm) multilayer structure. The as-deposited sample showed an amorphous state with in-plane uniaxial magnetic anisotropy (UMA), resulting in low coercivity and moderate Gilbert damping constant (α) values. Increasing TA led to crystallization, forming bcc-CoFe (110) crystals, which increased in-plane coercivity and introduced isotropic magnetic anisotropy, slightly reducing the α. The two-fold UMA persists up to 600 °C, and the thermal stability of the in-plane magnetic anisotropy remains intact even TA = 700 °C. The TA significantly influenced the magnetic properties such as in-plane saturation magnetization (Ms//), in-plane and out-of-plane coercivities (Hc// and Hc⊥), and in-plane effective magnetic anisotropy energy density (Keff). Above 600 °C, Keff decreased, indicating a transition towards uniaxial perpendicular magnetic anisotropy. Interfacial oxidation and diffusion from the Ta capping layer to the Pd/CoFeB/Pd interfaces were observed, influencing chemical bonding states. Annealing at 700 °C, reduced oxygen within TaOx through a redox reaction involving Ta crystallization, forming TaB, PdO, and BOx states. Ferromagnetic resonance spectra analysis indicated variations in resonance field (Hr) due to local chemical environments. The α reduction, reaching a minimum at 300 °C annealing, was attributed to reduced structural disorder from inhomogeneities. Tailoring magnetic anisotropy and spin dynamic properties in Pd/CoFeB/Pd/Ta structures through TA-controlled oxygen diffusion/oxidation highlights their potential for SOT, DMI, and magnetic skyrmion-based spintronic devices.