We discuss some of the fundamental properties unique to magnetic multi
layers. Due to a simple competition between exchange and Zeeman energi
es, complex, spatially nonuniform spin configurations are found to exi
st. Both bulk and surface phase transitions are discussed. We also con
sider spin waves in magnetic multilayers with particular attention to
canted spin configurations. Spin wave excitations provide a powerful m
ethod for studying exchange interactions and spin configurations. Here
effective medium calculations are compared to microscopic calculation
s which need no approximations. Finally, the phenomenon of giant magne
toresistance in magnetic multilayers, where the resistivity of the met
allic structure can be changed by over 60% at room temperature, is dis
cussed. A Boltzmann equation approach which involves both bulk and int
erface spin-dependent scattering is used to understand and predict the
transport properties of the multilayer systems, and comparisons betwe
en theory and experiment are stressed.