The effects of the substrate temperature and the Pd underlayer on the structure and the magnetic properties of Pd/Co multilayer films prepared by the thermal evaporation were studied. As the substrate temperature increases up to $150^{circ}C$, the crystallinity of sublayers, (111) texture and the interface sharpness of Pd/Co multilayers were improved due to the enhanced mobility of adatoms. As results of that, the perpendicular and surface anisotropy energies were increased but the coercivity was decreased because the pinning sites of domain wall decreased due to the grain growth. The grain size of the multilayers increased with Pd underlyer thickness. Thermal degradation was enhanced at above $200^{circ}C$ due to interdiffusion at the Pd/Co interface. The intensity of the main diffraction peak rapidly decayed in the initial stage of aging and then decreased slowly. The rapid change of the intensity in the initial stage was speculated to be due to the structural relaxation phenomena and the later stage change was due to the interdiffusion. The activation energy for the interdiffusion in Pd4/Co1 multilayers was 14.9 KCal/mole.K.