The ternary alloy family Fe–Co–Al is studied in the body‐centered cubic (&agr;) phase for the behavior of structure‐insensitive magnetic parameters, out to compositions of 13 wt. % Al and 50 wt. % Co. Interest in this family on the potentially practical side derives from the properties of its separate iron binary systems. Iron–aluminum alloys have been investigated since before the turn of the century and there have been several efforts at commercialization as soft magnetic material. Iron–cobalt alloys have received special attention because of their high saturation magnetization (exceeding that the Fe), as well as for their very high Curie temperatures. However, the ternary system has received only sporadic attention, starting with the phase diagram and Curie point work of Ko¨ster one‐half century ago and resumed largely for scientific interest in the electronic properties of transition metal alloys. Room‐temperature magnetizations on a mass basis and on the more practical volume basis are presented. These expand upon earlier low temperature results. The presence of a broad maximum in magnetization in the Fe–Co binary does not persist beyond about 5 wt. % Al in the ternary family. Curie point results add to the data base and confirm those of Ko¨ster including an anomalous increase of Curie point with Al dilution for a certain range of composition. This feature is explained in terms of the bcc–fcc (&agr;–&ggr;) structure transition and the stabilization of the &agr;‐phase by Al additions.