In this study, the structure and magnetic evolution of nanostructured Fe49Co21Mn10Ti10B10 alloy prepared by mechanical alloying (MA) were investigated. The structural and magnetic properties have been investigated by X-ray diffraction (XRD), scanning electron microscopy (SEM) and vibrating sample magnetometer (VSM). X-ray diffraction showed that during mechanical alloying process the Fe-based solid solution with BCC lattice was formed after 80 h of milling. The powders exhibited a minimum crystallite size of ~ 19.33 nm after 35 h. After 80 hours of milling, the lattice parameter and volume fraction of the grains were 0.28747 nm and 4.395% respectively. Grain size refinement enhances magnetization saturation to about 113.119 emu/g and coercivity to approximately 179.115 Oe for milling time 15 and 80 h, respectively. Remanent magnetization and Remanence–to-saturation ratio values increases during mechanical alloying processes.