Multilayered films of Co/Pd have been studied as a candidate material for a high density perpendicular recording medium due to higher anisotropy energy. However, high exchange coupling among grains results in large transition noise. To reduce the exchange coupling and grain size, addition of 3rd elements and physical separation of grains have been attempted. In the present paper, effects of sputtering pressure, Co sublayer thickness and Pd underlayer thickness on magnetic properties and microstructures were studied. It was found that by increasing sputtering pressure from 5 mTorr to 25 mTorr, Ms decreased to one half and coercivity increased more than 5000 Oe. The increase of the coercivity is associated with physical separation of grains by high pressure sputtering. Ms per volume of Co for Co/Pd multilayered film deposited at 25 mTorr shows continuous decrease with increasing Co sublayer thickness. This was related to void formation and intermixing of Co/Pd interface. Also, effect of Pd underlayer thickness on magnetic properties will be discussed.