Abstract: The structure of a material promising for magnetic memory elements based on Fe/Pd/Gd/Pd superlattices has been investigated by X-ray analysis and electron microscopy. Microstructural transformations in the superlattices and the influence of microstructure modification on the magnetic properties of the system are determined. It is shown that intense diffusion of Pd atoms to Gd layers occurs in the superlattices under study. The presence of a paramagnetic Pd layer changes the character of exchange interaction between neighboring ferromagnetic layers due to the induced magnetic moment on Pd atoms near the interface because of the interface imperfection. Nanocrystalline inclusions are found in the Pd/Gd/Pd layers, which are suggested to affect the specificity of magnetic ordering in these systems, as confirmed by magnetic measurements.