A multilayer thin film, comprising two different phase change material (PCM) components alternatively deposited, provides an effective means to tune and leverage good properties of its components, promising a new route toward high-performance PCMs. The present study systematically investigated the SnSb-SbSe multilayer thin film as a potential PCM, combining experiments and first-principles calculations, and demonstrated that these multilayer thin films exhibit good electrical resistivity, robust thermal stability, and superior phase change speed. In particular, the potential operating temperature for 10 years is shown to be 122.0 °C and the phase change speed reaches 5 ns in the device test. The good thermal stability of the multilayer thin film is shown to come from the formation of the SbSe phase, whereas the fast phase change speed can be attributed to the formation of vacancies and a SbSe metastable phase. It is also demonstrated that the SbSe metastable phase contributes to further enhancing the electrical resistivity of the crystalline state and the thermal stability of the amorphous state, being vital to determining the properties of the multilayer SnSb-SbSe thin film.