The effect of the strain on the magnetic properties of metallic multilayers has been investigated by ab initio studies. Our results indicate that the magnetic anisotropy energy (MAE) of an Fe(001) surface can be drastically enhanced by capping with 5d elements. By choosing Ir–Fe multilayers as a model system, we demonstrate that the MAE which depends on the composition and the structure of the multilayers can be tuned in a large range by strain. Furthermore, our results show that not only the amplitude of the MAE but also the easy axis of Pt–Fe multilayers can be engineered by strain. Magnetization switching by strain is also investigated.