The effect of thermal annealing on the structure and magnetic properties of crystalline Tb/Fe multilayers has been studied using conversion electron Mössbauer spectrometry and small-angle X-ray diffraction. The growth of Tb-Fe amorphous alloy from the interface is observed with increasing annealing temperature. After annealing at 873 K, a clear total mixing of the multilayers by interdiffusion has been evidenced. The results are compared with the effect of ion irradiation in the same system.