We report on a discrete layer-by-layer magnetic switching in Fe/MgO superlattices driven by an antiferromagnetic interlayer exchange coupling. The strong interlayer coupling is mediated by tunneling through MgO layers with thicknesses up to at least 1.8 nm, and the coupling strength varies with MgO thickness. Furthermore, the competition between the interlayer coupling and magnetocrystalline anisotropy stabilizes both 90° and 180° periodic alignment of adjacent layers throughout the entire superlattice. The tunable layer-by-layer switching, coupled with the giant tunneling magnetoresistance of Fe/MgO/Fe junctions, is an appealing combination for three-dimensional spintronic memories and logic devices.