We demonstrate that the magnetic anisotropy of the CoFeB/MgO bilayer can be manipulated by adding an aluminum capping layer. After rapid thermal annealing, we can achieve large perpendicular magnetic anisotropy of CoFeB with a high thermal stability factor (Δ = 72) while the Gilbert damping constant can be reduced down to only 0.011 simultaneously. The boron and residual oxygen in the bulk CoFeB layer are properly absorbed by the Al capping layer during annealing, leading to the enhanced exchange stiffness and reduced damping. The interfacial Fe-O bonding can be optimized by tuning annealing temperature and thickness of Al, resulting in enhanced perpendicular anisotropy.