The multilayer films of (30 Angstrom MgO/12-65 Angstrom Co)(30) were deposited on oxide-coated Si(100) wafers in a UHV chamber by rf and de sputtering. Structural analyses reveal that the films with Co layer thickness (t(Co)) above 16 Angstrom have well-defined layer structure, however, Co layers become discontinuous to some extent when re, is down to 12 Angstrom. MgO layers are (100) oriented, and Co layers have fee phase with fcc(200) parallel to MgO(200) when t(Co) is below 20 Angstrom, hut the hcp phase is stabilized in thicker Co layers (25 Angstrom less than or equal to t(Co) less than or equal to 65 Angstrom) with hcp(110) parallel to MgO(200). There is no evidence of exchange bias stemming from the oxidation of Co, and all films exhibit planar magnetization. Coercivity of higher than 12 kOe was observed at 10 K for t(Co) = 12 Angstrom, which is far beyond the effective magnetocrystalline anisotropy field of fee or hcp Co. The thickness dependence of coercivity at 10 K follows a linear scale as 1/t(Co). With the increase of the temperature, the coercivity decreases, and the maximum value at room temperature is about 420 Oe for t(Co) 25 Angstrom. A proposal to evaluate the surface anisotropy via initial susceptibility measurement along the film normal direction for a film with planar magnetization is presented. Surface anisotropy is thus determined to be about 1.3 erg/cm(2) at 10 K and 0.4 erg/cm(2) at room temperature with the film normal as the hard axis. Surface anisotropy has been demonstrated to be a dominant term to determine the magnetic behavior of MgO/Co multilayer films, especially at low temperature.