The electrical resistivity, ac susceptibility, critical current density, and Josephson tunneling of Pb/Ag multilayers have been measured in wide temperature ranges in order to study the proximity effect. A resistivity drop was found to occur atT c of Pb in ρ versusT measurement and, at low temperature, the multilayers show proximity effect. The I-V characteristic of the multilayer shows voltage steps, indicating a resistive state has occurred in the sample. The superconducting properties of the multilayer were analyzed with the bilayer theory of the proximity effect.