VN/TiB2 multilayers at different modulation periods (Λ) were synthesized by the magnetron sputtering system. The effect of modulation ratio (tVN:tTiB2) on microstructure, preferred orientation, cross-section morphology and mechanical properties of the multilayers were studied. Extensive measurements were employed to investigate the influences of Λ on interfacial interaction, coherent growth, and mechanical properties of the multilayers. All multilayers demonstrate improved mechanical properties obviously, compared with the average value of the monolithic VN and TiB2 film. The multilayer with Λ=10 nm reveals the highest hardness (40.4 GPa). Meanwhile, residual stress, fracture resistance and plastic recovery ability also get a great improvement. With further increase of Λ, the interfacial interaction is gradually disappearing. The mechanism of hardness change of VN/TiB2 multilayers was analyzed. The preferred orientation of VN (200) and the interfacial interaction which generated by the modulation structure of coherent growth are considered to be extremely beneficial for the enhanced hardness.