We show that in the metallic magnetic superlattices, along with the bi
linear RKKY-like exchange, there is significant biquadratic contributi
on arising from intrinsic and fluctuational mechanisms. Within the phe
nomenological approach, we postulate a particular form of free energy
density functional and study the thermodynamic behaviour of the system
under consideration. The model permits a transparent interpretation o
f the phase transitions, observed in metallic multilayers, with multip
le oscillation periods and biquadratic exchange effects taken into acc
ount.