We report a novel type of magnetically tunable diffractive optical element (DOE) based on ultrathin ferromagnetic (FM) Pt/Co stacks. The Pt/Co stacks are irradiated by Ar + ions at selected areas so that the perpendicular anisotropy is spatially modulated and the DOEs can be tuned by an external magnetic field through the magnetooptical effect. Based on this concept, a diffraction grating and a Fresnel zone plate (FZP) were developed, and complementary experimental results corroborate that a magnetic field can simultaneously manipulate both the zeroth and the first diffraction orders of these DOEs. Importantly, this effect can be utilized to enhance or hide the image formed by the FZP. Our studies pave the way toward developing compact and high-precision DOEs with fast and robust tunability, facilitating various applications spanning a wide spectrum range.