Unusual magnetization reversal of ͓Co͑4 Å͒ /Pt͑10 Å͔͒ 4 multilayers with perpendicular magnetic anisotropy has been revealed macroscopically by magnetometry measurements and microscopically by magneto-optical Kerr effect microscopy and magnetic force microscopy ͑MFM͒ imaging. During the first-order reversal process, the magnetization first decreases, then reaches a plateau, and finally rises back to saturation, corresponding to expanding bubble domains, stationary domains, and fading contrast but unchanged boundary domains, respectively. MFM imaging reveals the existence of many submicron-scaled unreversed channels within the boundary of the "bubble" domains. The magnetization reversal behavior can be accounted for by the evolution of the unusual domain structures in different field regimes.