Al-Co-N thin films, Al-Co-N/Al-N and Al-Co-N/Al-Co multilayers containing various amounts of Co content were deposited by using a two-facing targets type dc sputtering (TFTS) system. The films were also annealed successively and isothermally at different annealing temperatures. Irrespective of Co content and preparation methods, all the as-deposited films were observed non-magnetized. It was found that annealing conditions can control the magnetic and electrical properties as well as the microstructure of the films.