The lattice strain and the magnetic anisotropy have been examined for as-deposited and post-annealed Co/Pt and Co/Pd multilayers, which have been sputter-deposited on the glass substrates with bias voltage. For Co/Pt multilayers, the interface anisotropy, K-s, has mainly the Neel type origin in the flat, smooth and sharp interfaces, while the volume anisotropy, K-v, is sensitive to the magnetoelastic effect. On the other hand, for Co/Pd multilayers, the magnetoelastic effect plays main role in K-s and K-v.