State of the art molecular beam epitaxy techniques are used to synthesize new magnetic multilayer films. Both metals and oxygen- based materials are being prepared. The basic issues to be addressed are: the role of epitaxial strain in determining the phase diagram of thin magnetic single crystals; the propagation of magnetic order and excitations through selected multilayer systems; coherent electronic structure, including interfacial and magnetotransport effects; and low-dimensional behavior in structural ordering and magnetism using surfaces and interfaces with tailored periodicities.