Since Fe–Cr alloys containing more than 30 mass% chromium are potentially useful for many industrial applications, the properties of a high‐purity Fe–50 mass% Cr alloy were investigated to see whether the purification improves properties. Both mechanical and physical properties were investigated: mechanical properties such as tensile properties and deformability, and physical properties such as density, Young's modulus, thermal expansion rate, specific heat, thermal conductivity, heat transfer rate, specific electrical resistivity, and magnetic properties. It is concluded that a high‐purity Fe–50 mass% alloy is deformable, while maintaining high strength, at temperatures between 293 and 1523 K. Also, it possesses several desiable physical properties for high‐temperature services such as low thermal expansion coefficient and high thermal conductivity, compared to type 304 stainless steel.