Microstructure properties of [Co 1. 2 nm / Au 2.0 nm] × N = 20 multilayers prepared using dcmagnetron sputtering is reported using X-ray reflectivity (XRR) and X-ray diffraction (XRD) analysis. XRR profiles of these multilayers showed excellent bilayer periodicity. The XRD spectra displayed Co layer thicknessdependent properties. However, annealing increased lateral tensile strain decreased compressive strain along the normal substrate direction. While surface roughness, crystallite grain size, and strain are affected by Co layer thickness, microstructure and periodicity are dominated by fcc-Au (111). Surface plasmon resonance (SPR) and magneto-optic SPR study of an optimized Co/Au multilayer in Kretschmann configuration for air-He and water-Methanol media showed an enhanced sensitivity by over 4X when excited at = 785 nm as compared to the conventional SPR configuration when excited at = 632.8 nm. This enhancement in MOSPR sensitivity means the detection limit of this class of transducers can be substantially improved by tuning Co/Au layer thickness, wavelength and incident angle of optical radiation.