Precipitation hardening is one of the most efficient mechanisms for strengthening materials. However, micro-sized and/or incoherent precipitates are usually detrimental to soft-magnetic properties because of their pinning effect on magnetic domain wall motion. Here, we reconcile enhanced magnetic thermal stability and mechanical strength in a strong and ductile soft magnetic multicomponent alloy (MCA) via triggering Widmanstätten-patterned incoherent micro-precipitates. These precipitates have a large length/width ratio with D019 structure in the coarse-grained face-centered cubic matrix of a Fe-Co-Ni-Ta MCA upon annealing.  Interactions between dislocations and incoherent Widmanstätten-patterned precipitates contribute to the high strength. Although the microstructure contains incoherent phase boundaries, their magnetic pinning effect acting on domain wall motion gets compensated by the reduced grain boundary pinning due to the large grain size resulting from annealing. Accordingly, the alloy shows even slightly better room-temperature soft-magnetic properties than those of the precipitate-free counterpart with the same bulk composition. More importantly, the alloy exhibits significantly improved soft magnetic properties and excellent magnetic thermal stability at elevated temperatures up to 873 K. These findings offer a new pathway for developing advanced materials with an excellent combination of mechanical and soft-magnetic properties with potential high-temperature applications.