The performance of permanent magnets YCo 5 can be improved by replacing cobalt with other elements, such as iron, copper, and nickel. In order to determine its optimum composition, it is necessary to perform systematic theoretical calculations in a consistent framework. In this study, we calculated the magnetocrystalline anisotropy constanton the basis of the full-potential Korringa-Kohn-Rostoker Green's function method in conjunction with the coherent potential approximation. The calculated K u of YCo 5 was smaller than the experimental value because of a missing enhancement due to orbital polarization. Although the value of K u of Y(Co 1−x−y Fe x Cu y ) 3 (Co 1−z Ni z ) 2 was systematically underestimated compared to their experimental counterparts, the doping effect can be analyzed within a consistent framework.The results have shown that YFe 3 Co 2 has much higher K u = 5.00 MJ/m 3 than pristine YCo 5 (K u = 1.82 MJ/m 3 ), and that nickel as a stabilization element decreases K u and magnetization in YFe 3 (Co 1−z Ni z ) 2 . However, the anisotropy field of z ∼ 0.5 can compete with the value of YCo 5 .