Magnetic properties of Co40Fe40B20(CoFeB) thin films sandwiched between Ta and MgAl2O4layers have been systematically studied. For as-grown state, Ta/CoFeB/MgAl2O4structures exhibit good perpendicular magnetic anisotropy (PMA) with interface anisotropy Ki=1.22erg/cm2, which further increases to 1.30erg/cm2after annealing, while MgAl2O4/CoFeB/Ta multilayer shows in-plane magnetic anisotropy and must be annealed in order to achieve PMA. For bottom CoFeB layer, the thickness window for PMA is from 0.6 to 1.0nm, while that for top CoFeB layer is between 0.8 and 1.4nm. Perpendicular magnetic tunnel junctions (p-MTJs) with a core structure of CoFeB/MgAl2O4/CoFeB have also been fabricated and tunneling magnetoresistance ratio of about 36% at room temperature and 63% at low temperature have been obtained. The intrinsic excitations in the p-MTJs have been identified by inelastic electron-tunneling spectroscopy.