A first-principles electronic-structure calculation for Fe/Cr superlattices is presented, where a spin-density-wave order in the Cr layer is considered in addition to an antiferromagnetic one. The interlayer magnetic coupling between ferromagnetic Fe layers is investigated, and the oscillation of the interlayer magnetic coupling with a two-monolayer period of the spacer thickness of the Cr layer is illustrated. The appearance of the spin-density-wave order in the Cr layer, which gives rise to a phase slip of the oscillation. is furthermore demonstrated. [S0163-1829(99)51010-2].