In the present study, we examine reddening distribution across the LMC and SMC through largest data on Classical Cepheids provided by the OGLE Phase IV survey. The V and I band photometric data of 2476 fundamental mode (FU) and 1775 first overtone mode (FO) Cepheids in the LMC and 2753 FU and 1793 FO Cepheids in the SMC are analyzed for their Period-Luminosity (P-L) relations. We convert period of FO Cepheids to corresponding period of FU Cepheids before combining the two modes of Cepheids. The reddening analysis is performed on 133 segments covering a total area of about 154.6 deg^2 in the LMC and 136 segments covering a total area of about 31.3 deg^2 in the SMC. By comparing with well calibrated P-L relations of these two galaxies, we determine reddening E(V-I) in each segment. Using reddening values in different segments across the LMC and SMC, reddening maps are constructed. We find clumpy structures in the reddening distributions of the LMC and SMC. From the reddening map of the LMC, highest reddening of E(V-I) = 0.466 mag is traced in the region centered at RA ~ 85.13 deg, DEC ~ -69.34 deg which is in close vicinity of the star forming HII region 30 Doradus. In the SMC, maximum reddening of E(V-I) = 0.189 mag is detected in the region centered at RA ~ 12.10 deg, DEC ~ -73.07 deg. The mean reddening values in the LMC are estimated as E(V-I) = 0.113+/-0.060 mag and E(B-V) = 0.091+/-0.050 mag; and that in the SMC are E(V-I) = 0.049+/-0.070 mag and E(B-V) = 0.038+/-0.053 mag. The period-age relations are used to derive the age of the Cepheid populations in the LMC and SMC. We investigate age and spatio-temporal distributions of Cepheids to understand the recent star formation history in the Magellanic Clouds (MCs) and found an evidence of a common enhanced Cepheid population in the MCs at around 200 Myr ago which appears to have occurred due to close encounter between the two clouds.