A nanocrystalline alloy with a nominal composition of Ni 20 Fe 20 Cr 20 Co 20 Zn 15 Mn 5 was produced by mechanical alloying and processed using annealing treatments between 450-600 °C for lengths from 0.5-4 hours. Analysis was conducted using x-ray diffraction, transmission electron microscopy, magnetometry, and first-principles calculations. Despite designing the alloy using empirical high-entropy alloy guidelines, it was found to precipitate numerous phases after annealing. These precipitates included a magnetic phase, α-FeCo, which, after the optimal heat treatment conditions of 1 hour at 500 °C, resulted in an alloy with reasonably good hard magnetic properties. The effect of annealing temperature and time on the microstructure and magnetic properties are discussed, as well as the likely mechanisms that cause the microstructure development.