Repeated pressing and rolling process was applied for both alternatively stacked elemental foils and elemental powder mixtures of the Ag-Fe system. In both cases, the nano-scaled multilayer was obtained. In this work, the thermoelectricity, magnetoresistance (MR) and specific resistance were investigated. Thermoelectric power decreased when layer thickness became thinner. The decreasing value on the direction parallel to layers (RD: Rolling Direction) is larger than that on the direction perpendicular to layers (ND: Normal Direction). Thermoelectric power of the thinnest sample of both directions shows negative value though those of Fe and Ag are positive. The change of thermoelectricity correlates with that of MR, and the both phenomena are affected by the electron scattering at layer boundaries. RD-thermoelectric power and RD-specific resistance of multilayer were proportional to the inverse of layer thickness.