We show that the interaction between ferromagnetic Fe(110) and antiferromagnetic CoO(111) sublayers can be mediated and precisely tuned by a nonmagnetic Au spacer. Our results prove that the thickness of the Fe and Au layers can be chosen to modify the effective anisotropy of the Fe layer and the strength of the exchange bias interaction between Fe and CoO sublayers. Well-defined and tailorable magnetic anisotropy of the ferromagnet above Néel temperature of the antiferromagnet is a determining factor that governs exchange bias and interfacial CoO spins orientation at low temperatures. In particular, depending on the room temperature magnetic state of Fe, the low-temperature exchange bias in a zero-field cooled system can be turned “off” or “on”. The other way around, we show that exchange bias can be the dominating magnetic anisotropy source for the ferromagnet and it is feasible to induce a 90-degree rotation of the easy axis as compared to the initial, exchange bias-free easy axis orientation.