The authors report on the discovery of a magnetically soft high‐entropy alloy of composition FeCoNiPdCu, which performs comparably to the best commercial soft magnets for static and low‐frequency applications. Properly heat‐treated FeCoNiPdCu develops nanostructure that can be viewed as a two‐phase bulk nanocomposite of randomly intermixed FeCoNi magnetic domains and PdCu nonmagnetic “spacers”, both of 2–5 nm cross dimensions. Due to the nanometric size, the FeCoNi domains are magnetically single‐domain particles, and since the particles are exchange‐coupled across the boundaries, exchange averaging of magnetic anisotropy takes place, resulting in an almost vanishing coercive field and excellent magnetic softness. The formation of a two‐phase nanostructure favorable for the exchange averaging of magnetic anisotropy is a consequence of specific values of the binary mixing enthalpies for the chosen elements. Though high‐entropy alloys are generally considered to be random solid solutions of multiple elements on a topologically ordered crystal lattice, clustering of the atoms into preferential chemical environments on a nanoscale essentially determines their magnetic properties. Experimentally, the magnetic properties of the FeCoNiPdCu high‐entropy alloy are compared to the commercial, magnetically soft non‐oriented silicon electrical steel.

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