Co/Pd multilayered films with ultrathin layers of Co were prepared by alternating deposition in an ultrahigh-vacuum physical-vapor-deposition system. The individual layer thicknesses of the samples were estimated making use of the angular positions of x-ray diffraction peaks. The magnetic and magneto-optical properties were found to vary depending on Pd buffer layer and Pd sublayer thicknesses, as well as Co sublayer thickness. Some of the films showed good properties for magneto-optical medium, such as large perpendicular magnetic anisotropy and Kerr rotation, and perfect squareness of the magnetic hysteresis loop. The Pd-predeposited films were found to have a remarkably high coercivity of 4723 Oe and a greatly enhanced interfacial magnetic anisotropy of 0.72 mJ/m2. The transition from in-plane to perpendicular magnetic anisotropy took place at a Co sublayer thickness of 8.2 angstrom for the multilayer with Pd predeposition. Kerr rotation was inversely proportional to the Pd/Co sublayer thickness ratio, showing the maximum value of 0.12-degrees. The magnetic and magneto-optical properties were correlated systematically to the structural parameters of the multilayered films.