We have provided a complete description of light propagation at an oblique angle of incidence in disordered one-dimensional (1D) ultrathin magnetophotonic crystals with an arbitrary number of sheets. We have shown that in the long-wavelength limit, when the parameter d L,R λ is much less than unity (L,R is the relative permittivity for left-and right-polarized light, d is the thickness of the sheet, and λ is the wavelength), the photon transport problem in a 1D magnetophotonic crystal is identical to Anderson's two-channel model. In our discussion we include mode conversion and derive exact and closed analytical expressions for all scattering matrix elements. We have calculated the Faraday and Kerr rotational angles for a periodic system. Our formulas predict correctly the main trends of magneto-optic effects in 1D systems. We also derived analytical expressions for photon localization lengths, in a weak disordered regime, for s and p modes and for circular polarized light. We demonstrate that the presence of coupling modes enhances ξ s and reduces ξ p with respect to the values ξ s (0) and ξ p (0) obtained when the coupling modes are absent. Presented analytical expressions for localization lengths are in good agreement with numerical calculations, exact up to order δ 2 (δ being the disorder strength), and valid up to angles of incidence of 1.56 rad.