Using mechanical alloying and an additional annealing, we prepared bulk material of a new Sm20Fe70Ti10phase observed before only in sputtered films deposited in the amorphous state and then crystallized. Crystallization of rapidly quenched and partially amorphous ribbons leads to a two‐phase material with a considerable amount of this phase but with the Fe2Sm phase as a majority phase. This new phase (named 20:70:10 phase) has a Curie temperature of 380 °C and an estimated saturation magnetization of 6–7 kG. The magnetically isotropic, mechanically alloyed samples show room‐temperature coercivities of up to 50.3 kOe.