TiN/CrN multilayered hard coatings with TiCrN interlayer were deposited on high speed steel substrates by using a filtered cathodic vacuum arc technique. The structure and composition of the coatings were characterized by scanning electron microscopy (SEM) and Auger electron spectroscopy (AES). A high adhesion of up to 80 N was demonstrated by scratching tests for the multilayered coatings. Nanoindentation tests were performed to determine the hardness and elastic modulus of the coatings as a function of the multiplayer modulation period. It was observed that the hardness of the multilayered coatings is higher than those of either TiN or CrN single coatings, and it increases with decreasing modulation periods, which is consistent with predictions from the Hall-Perch type strengthening mechanism, though at small modulation periods, deviation from the Hall-Petch relation has been observed for the multilayered coatings. The life-span of drills coated with TiN/CrN multilayered is triple as long as that coated with TiN layer.