In this present work, a nanostructured iron-cobalt-nickel alloy with Fe50 Co30 Ni20 composition has been processed by mechanical alloying. The structural and magnetic properties have been investigated by X-ray diffraction, scanning electron microscopy, energy dispersive X-ray spectroscopy and vibrating sample magnetometer. It is shown that the crystallize size reaches to about 18.7 nm after 32 h milling time. A remarkable decrease in coercivity after 16 h milling time and also a continuous increase in remanent magnetization during the mechanical alloying process are observed. Heat treatment of the samples milled at 32 and 48 h demonstrates the crystalline constituent elements and also crystalline phase