Electrodeposition of nickel-copper multilayers has been studied in order to understand the effect of current and potential waveforms on layer thickness and composition of nanostructured metal multilayers. Two simple charge balance models for multilayer deposition have been developed to calculate the amount of the less noble material dissolved from the deposit. The models take into account that the less noble material (here, nickel) may be lost from the deposit due to either anodic dissolution or a displacement reaction. Experimentally, Ni(Cu)/Cu metal multilayers have been deposited from a citrate electrolyte in a vertical flow channel under controlled hydrodynamic conditions. Multilayers were deposited by two different fabrication methods: constant current/ constant potential and constant current/relaxation/constant current method. A match between the experimental data and models was used to calculate the amount of nickel dissolved from the deposit. It was found that about one or four monolayers of nickel are dissolved from the Ni(Cu) layer due dissolution and displacement, respectively. The deposition modes studied lead to different deposit morphology.