The present work investigates how the vanadium (V) content in a series of Al50Vx(Cr0.33Mn0.33Co0.33)(50-x) (x = 12.5, 6.5, 3.5, and 0.5 at.%) high-entropy alloys affects the local magnetic moment and magnetic transition temperature as a step towards developing high-entropy functional materials for magnetic refrigeration. This has been achieved by carrying out experimental investigations on induction melted alloys and comparison to ab initio and thermodynamic calculations. Structural characterization by X-ray diffraction and scanning electron microscopy indicates a dual-phase microstructure containing a disordered body-centered cubic (BCC) phase and a B2 phase with long-range order, which significantly differ in the Co and V contents. Ab initio calculations demonstrate a weaker magnetization and lower magnetic transition temperature (TC) of the BCC phase in comparison with the B2 phase. We find that lower V content increases the B2 phase fraction, the saturation magnetization, and the Curie point, in line with the calculations. This trend is primarily connected with the preferential partition of V in the BCC phase, which however hinders the theoretically predicted antiferromagnetic B2 phase stabilizing effect of V. On the other hand, the chemistry-dependent properties of the ferromagnetic B2 phase suggest that a careful tuning of the composition and phase fractions can open the way towards promising high-entropy magnetic materials.