We studied changes of morphology and magnetic properties of Co/Cu multilayered nanowires, electrodeposited in polycarbonate membranes, as a function of Cu layer thickness. The morphology and structure of wire assemblies with an average diameter of 200 nm and length of 10 µm, investigated by X-ray diffraction and scanning electron microscopy techniques, revealed polycrystalline structure of Cu and Co layers with smooth lateral surface of nanowires. Overdeposited nanowires created caps which showed flower-like dendrites with shape changing as a function of Cu thickness and electrodeposition parameters. Chemical composition of Co and Cu nanowires analysed by energy dispersive spectroscopy and proton induced X-ray emission showed Cu nanowires free from Co atoms while in Co nanowires, Cu contamination with concentration below 10% was observed. The oxidation traces observed in single-component Cu nanowires did not appear in multilayered nanowires. Magnetic measurements indicated easy axis of magnetization in membrane plane for nanowires with Cu thickness smaller than 20 nm, whereas for larger Cu thicknesses isotropic orientation of magnetization was observed. The presence of Cu atoms in single-component Co nanowires resulted in the appearance of magnetic anisotropy with easy axis along nanowire axis and the increase of coercivity value.