Superelasticity has been widely used in various fields. High elastic limit simultaneously with large superelasticity is urgent in the critical applications. In this study, we have employed the high entropy alloy (HEA) concept to develop a new TiHfNiFe-Nb eutectic HEA (EHEA) based on the TiNi-Nb eutectic alloy. The results show the directional catkin-like microstructure with the fiber eutectic in the center and the lamella eutectic in the outside form along the directional solidification direction when the growth rate is 60 mm/h. The corresponding specimens display the high strength of 1409 MPa and superelasticity of 3.1% in tension at room temperature, which is attributed to the synergetic effect of high entropy, preferred orientation, ordered body-centered cubic (B2) phase and disordered body-centered cubic phase in the eutectic structure. This work sheds light on designing the high-performance superelastic function materials with EHEAs.