Microstructural and magnetic properties of AlNiCo based high entropy alloys have been investigated. Equiatomic AlNiCo alloy exhibits superparamagnetic like behavior but addition of elements like Cu and Fe significantly alter the microstructure and magnetic properties. From the present study, it is clear that the addition of Cu leads to phase separation and significant increase in coercivity. On the other hand, addition of Fe leads to enhancement in ferromagnetic exchange interaction that in turn results in the development of soft magnetic behavior in AlNiCoCuFe alloy.