Co/CoO multilayers are fabricated by means of radio-frequency magnetron sputtering. For the formation of each multilayer period, a Co layer is initially produced followed by natural oxidation. Platinum is used not only as buffer and capping layers, but also in the form of intermediate ultrathin layers to enhance perpendicular magnetic anisotropy. Three samples are compared with respect to the magnetic anisotropies and exchange bias between 4–300 K based on superconducting quantum interference device magnetometry measurements. Two of the multilayers are identical Co/CoO/Pt ones; one of them, however, is grown on a Co/Pt “magnetic substrate” to induce perpendicular magnetic anisotropy via exchange coupling through an ultrathin Pt intermediate layer. The third multilayer is of the form Co/CoO/Co/Pt. The use of a “magnetic substrate” results in the observation of loops with large remanence when the field applies perpendicular to the film plane. The CoO/Co interfaces lead to a significant exchange bias at low temperatures after field cooling. The largest exchange bias was observed in the film with double Co/CoO/Co interfaces. Consequently, significant perpendicular anisotropy coexists with large exchange bias, especially at low temperatures. Such samples can be potentially useful for applications related to spintronics and magnetic storage.