The segregation growth process in sputtered Co-Cr films is investigated by examining the effect of substrate temperature on the segregated microstructure and magnetic properties. In sputtered Co-25at%Cr films, segregation occurs below 560°C, and both the saturation magnetization and the perpendicular anisotropy constant show a maximum around a substrate temperature of 300°C, where a specific microstructure, called a CP (chrysanthemum-like pattern) structure, is observed. The results suggest that the CP structure becomes observable in the highly segregated state and generates high perpendicular anisotropy. A new segregation growth model is derived from the results of the CP structure observations. Using this model, it is possible to explain the continuous transition of the magnetization mode between the continuous and the particulate modes.