A current-to-perpendicular-to-plane (CPP) read sensor with multiple reference layers and associated fabrication methods are disclosed. According to one embodiment, the multiple reference layers of a CPP read sensor include a first reference layer (e.g., Co—Fe) formed by a ferromagnetic polycrystalline film, a second reference layer (e.g., Co—Fe—Hf) formed by a ferromagnetic amorphous film, a third reference layer (e.g., Co—Fe—B) formed by a ferromagnetic amorphous film, and a fourth reference layer (e.g., Co—Fe) formed by a ferromagnetic polycrystalline film. A plasma treatment is applied to the fourth reference layer for surface smoothening, and no replenishment is needed as long as the fourth reference layer is not completely removed after the plasma treatment. The fourth reference layer protects the surface of the third reference layer from spin polarization deterioration caused by the plasma treatment, thereby maintaining a strong TMR or GMR effect.