A Cu/Fe granular film, formed from a multilayer film and composed of particles of Fe imbedded in Cu, has had several of its important properties investigated. Measurements include ferromagentic resonance, magnetoresistance, Mössbauer effect, magnetic viscosity, and magnetization. The two‐phase behavior of these immiscible alloy systems, and the effect of multilayering on the shape of the magnetic precipitates, can explain some of these properties. An explanation of the ferromagnetic resonance line shape is proffered. An extraordinary macroscopic quantum tunneling effect is found to govern the magnetic relaxation at the lowest temperatures.