Multifunctional materials composed of ultrathin magnetic films with perpendicular magnetic anisotropy combined with ferroelectric substrates represent a new approach toward low power, fast, high density spintronics. Here we demonstrate Co/Ni multilayered films with tunable saturation magnetization and perpendicular anisotropy grown directly on ferroelectric PZT [Pb(Zr0.52Ti0.48)O3] substrate plates. Electric fields up to ±2 MV/m expand the PZT by 0.1% and generate at least 0.02% in-plane compression in the Co/Ni multilayered film. Modifying the strain with a voltage can reduce the coercive field by over 30%. We also demonstrate that alternating in-plane tensile and compressive strains (less than 0.01%) can be used to propagate magnetic domain walls. This ability to manipulate high anisotropy magnetic thin films could prove useful for lowering the switching energy for magnetic elements in future voltage-controlled spintronic devices.