We study optical and magneto-optical (MO) properties of epitaxially grown modulated Fe-Pt multilayer metamaterials by means of generalized MO ellipsometry (GME). Large Kerr rotation, ellipticity, and MO coupling parameters in the visible and near-infrared regions are obtained for modulated metamaterials, in which the stacking sequences follow an inverse Fibonacci series. In contrast, periodic multilayers show small MO parameters, although they otherwise exhibit magnetic and optical properties that are very similar to those for the modulated metamaterials. The present study demonstrates that specific thickness modulation can have a significant materials design potential for one-dimensional magnetic metamaterials.