A series of discontinuous multilayers of CoFeB-MgO was fabricated by using DC/RF magnetron sputtering, and the electromagnetic and microwave properties were investigated. The results show that the microstructure and electromagnetic properties of the CoFeB-MgO discontinuous multilayer films can be altered by varying the relative content of the magnetic CoFeB phase and the insulating MgO phase. High performance microwave soft magnetic properties along with high resistivity are achieved in the discontinuous ［Co64Fe24B12(0.7nm)/MgO(0.4nm)］40 multilayer film. This film has the saturation magnetization of 1.3 T, hard axis coercivity of 130 A/m, and resistivity of 3.4 mΩ·cm. Moreover, the resonance frequency is about 2.1 GHz for this film. Both the real part μ′ and the imaginary part μ″ of the measured permeability are larger than 240 at 1.59 GHz and are both larger than 100 from 0.9 GHz to 2 GHz. So this film has potential for serving as the microwave absorbers and electromagnetic compatibility materials in the GHz frequency range.