Layered structure and magnetic and magneto-optical properties of Co/Au and Fe/Au compositionally modulated multilayered films (CMF's) prepared by RF sputtering method were investigated. Modulation length (D) varied from about 10 Å to more than 100 Å. Many satellite peaks were observed in high angle diffraction patterns of the both multilayered films. It was found that the values of magneto-optical Kerr rotation (θ_K) are low and the spectra is simple if the case of relatively small D, however, a new peak of θ_K appears at around λ = 500 nm, corresponding to the absorption edge of Au metal, with the increase of D. Moreover, it was also found that perpendicular anisotropy (K_u) is induced gradually with decreasing D in both CMF's. Perticularly, K_u of Co/Au CMF's becomes positive in the range of relatively large D.