This paper presents the synthesis of Fe–Co–Ni nanocomposites by chemical precipitation, followed by a reduction process. It was found that the influence of the chemical composition and reduction temperature greatly alters the phase formation, its structures, particle size distribution, and magnetic properties of Fe–Co–Ni nanocomposites. The initial hydroxides of Fe–Co–Ni combinations were prepared by the co-precipitation method from nitrate precursors and precipitated using alkali. The reduction process was carried out by hydrogen in the temperature range of 300–500 °C under isothermal conditions. The nanocomposites had metallic and intermetallic phases with different lattice parameter values due to the increase in Fe content. In this paper, we showed that the values of the magnetic parameters of nanocomposites can be controlled in the ranges of MS = 7.6–192.5 Am2/kg, Mr = 0.4–39.7 Am2/kg, Mr/Ms = 0.02–0.32, and HcM = 4.72–60.68 kA/m by regulating the composition and reduction temperature of the Fe–Co–Ni composites. Due to the reduction process, drastic variations in the magnetic features result from the intermetallic and metallic face formation. The variation in magnetic characteristics is guided by the reduction degree, particle size growth, and crystallinity enhancement. Moreover, the reduction of the surface spins fraction of the nanocomposites under their growth induced an increase in the saturation magnetization. This is the first report where the influence of Fe content on the Fe–Co–Ni ternary system phase content and magnetic properties was evaluated. The Fe–Co–Ni ternary nanocomposites obtained by co-precipitation, followed by the hydrogen reduction led to the formation of better magnetic materials for various magnetically coupled device applications.