FeCoNi(Mn–Si)x (x = 0.5, 0.75, 1.0) high-entropy alloys (HEAs) were successfully synthesized by mechanical alloying (MA), and the effect of Mn and Si in the ferromagnetic alloys on crystal structure and magnetic behavior was thoroughly investigated. XRD, SEM, and TEM were used to investigate the effect of Mn and Si content on the structure of HEAs. The high Mn and Si contents change the structure from the BCC phase to FCC phase. The evolution of surface morphology was discussed on the basis of MA time and content of Mn and Si. The magnetic hysteresis curve confirmed the highest magnetic saturation (Ms) value of 134.21 emu/g for FeCoNi(Mn–Si)1.0 alloy and an appreciably low coercivity (Hc) of 98.07 Oe for FeCoNi(Mn–Si)0.5 alloy. The finite element method (FEM), using COMSOL Multiphysics software, has been used for determining the magnetic flux density (B) on the surface and at the center of the transformer core to determine the performance of the proposed HEAs.