The microstructure and phase composition of an AlCoCrFeNi high-entropy alloy (HEA) were studied in as-cast (AlCoCrFeNi-AC, AC represents as-cast) and homogenized (AlCoCrFeNi-HP, HP signifies hot isostatic pressed and homogenized) conditions. The AlCoCrFeNi-AC ally has a dendritrical structure in the consisting primarily of a nano-lamellar mixture of A2 [disorder body-centered-cubic (BCC)] and B2 (ordered BCC) phases, formed by an eutectic reaction. The homogenization heat treatment, consisting of hot isostatic pressed for 1 hour at 1,100 °C, 207 MPa and annealing at 1,150 °C for 50 hours, resulted in an increase in the volume fraction of the A1 phase and formation of a Sigma () phase. Tensile properties in ascast and homogenized conditions are reported at 700 °C. The ultimate tensile strength was virtually unaffected by heat treatment, and was 396 ± 4 MPa at 700 °C. However, 2 homogenization produced a noticeable increase in ductility. The AlCoCrFeNi-AC alloy showed a tensile elongation of only 1.0 %, while after the heat-treatment, the elongation of AlCoCrFeNi-HP was 11.7 %. Thermodynamic modeling of non-equilibrium and equilibrium phase diagrams for the AlCoCrFeNi HEA gave good agreement with the experimental observations of the phase contents in the AlCoCrFeNi-AC and AlCoCrFeNi-HP. The reasons for the improvement of ductility after the heat treatment and the crack initiation subjected to tensile loading were discussed.