A multicomponent with functional Fe50Ni10Co10Ti10B20 (at.%) high entropy soft magnetic alloy powders were produced from the elemental powders by mechanical alloying (MA). The MA processes were carried out under argon gas atmosphere at a speed of 250 rpm, carrying milling and rest in every 20-min period to prevent the mixture from overheating. Scanning electron microscopy and energy-dispersive X-ray spectroscopy, X-ray diffraction, differential thermal analysis, and vibrating sample magnetometer analysis were utilized to characterize various powdered samples with respect to MA time (0-50 h). The results show that in the first 2.5 h of MA, the mixture of crystalline phases transformed into a nanocrystalline supersaturated alpha-Fe solid solution phase. With prolonging milling time, the amorphous phase appeared after 20 h of MA. In the final stage of MA (50 h), the saturation magnetization (Ms) and the coercivity (Hc) were 89.7 emu/g and 32.5 Oe, respectively, proposing the alloy as a very good high entropy soft magnet in nature.