A relationship between microstructure and ferromagnetic resonance of Co/Ag multilayers has been studied in as-deposited and annealed multilayers iwth ultrathin (dCo < 1 nm) Co layers. Depending on the nominal thickness of Co Co/Ag multilayers represent a system of fine magnetic particles (dCo < 0.4 nm) or discontionuous layered structure (dCo/0.5 nm). FMR data has been interpreted in the framework of a odel of interacting fine particles exhibiting superparamagnetic behavior. Changes in the FMR spectra upon annealing have been attributed to the growth of the Co particles and to a transition from the fcc to hcp atomic structure of the highly (111) textured Co particles.