We review and analyse the literature data on the experimental results dealing with the crystal structure, phase state, and magnetoresistive properties of nanostructured thin-film systems based on Ni x fe 1-x permalloy and noble metals prepared by the methods of co-evaporation and layer-by-layer condensation. As shown, regardless of preparation methods, the phase state of systems stays as two-phase one. Upon high-temperature annealing, the formation of solid solutions is possible. As shown, in the case of applying of layer-by-layer condensation method, the value of the magnetoresistive effect depends on the thickness of the magnetic and nonmagnetic layers. In the case of applying the co-evaporation method, the determining parameters are the concentrations of the components and the total thickness of the system. the annealing-temperature effect on magnetoresistive properties of nanostructured thin-film systems based on permalloy and noble metals is analysed.