The intermetallic compounds RE4Ni2Mg3 with RE=Y, Tb−Tm and Lu were synthesized from the elements in sealed tantalum ampules in a high‐frequency furnace and characterized by powder X‐ray diffraction. The RE4Ni2Mg3 phases crystallize with a site occupancy variant of the tetragonal Ru4B2Al3 type structure, space group P4/mmm. The structures of Tm4.21(1)Ni2Mg2.79(1), Lu4.28(1)Ni2Mg2.72(1) and Lu4.41(1)Ni2Mg2.59(1) were refined from single crystal X‐ray diffractometer data. Refinements of the occupancy parameters indicated different degrees of RE/Mg mixing on several Wyckoff positions. The RE4Ni2Mg3 structures are simple intergrowth variants of CsCl and AlB2 related slabs with distorted Ni@RE6 trigonal prisms and Mg@RE8 distorted cubes. Temperature dependent magnetic susceptibility studies reveal Pauli paramagnetism for Y4Ni2Mg3 and Lu4Ni2Mg3. The compounds with RE=Dy, Ho, Er and Tm are Curie‐Weiss paramagnets that order antiferromagnetically between 17.1(1) (RE=Dy) and 6.0(1) K (RE=Tm). The antiferromagnetic ground states are substantiated by metamagnetic transitions.