Fe/Al multilayer thin films prepared by ion beam sputtering, with an overall atomic concentration ratio of Fe/Al = 1:2 have been studied by x-ray diffraction spectroscopy (XRD), X-ray reflectivity (XRR) and D.C. Magnetization. These studies show the formation of Fe-Al intermetallic layers. Two magnetic regions and transition temperatures of 473 and 533 K are evident from magnetization studies. Conversion Electron Mössbauer Spectroscopy (CEMS) shows formation of off-stoichiometric Fe 3 Al like phase and phases consisting of pure Fe and Fe-rich extended Fe-Al solutions.