Structure and magnetic and mechanical properties of precipitation hardening Fe-Cr-Co-W-Ga alloys with reduced Cr and Co contents have been studied. The compositions studied go beyond the limits of the miscibility gap in the phase diagram for conventional Fe-Cr-Co alloys. It has been established that after cold plastic deformation and low temperature annealing the alloys are characterized by high values of mechanical and magnetic characteristics, which are significantly higher than those of known analogs. It is demonstrated that the treatment suggested leads to the decomposition of homogeneous solid solution based on α Fe with the precipitation of disperse particles of a tungsten rich phase, which promotes strengthening of alloys.