High-performance permanent magnets (PMs) based on rare-earth (RE) intermetallic compounds are crucial components for an efficient and sustainable energy supply. However, the price and supply criticality of RE elements require developing inexpensive RE-free PMs. Another challenge for PMs during manufacturing and service is that they are tuned for highly mechanical load-bearing conditions, yet most commercial PMs are inherently brittle. Here, we proposed a design strategy that combines strong magnetic and good mechanical response in a RE-free Fe–Co–Ni–Al multicomponent magnet. We introduced nanoprecipitates in lamellar morphology with high-shape anisotropy via eutectoid decomposition by thermal magnetic annealing treatment. The size, dispersion, and chemistry of nanoprecipitates are tailored to maximize their pinning on the movement of magnetic domain walls and impede dislocation motion, enhancing mechanical performance. The new material with a coercivity of 27.5 kA m-1, saturation magnetization of 123.8 Am2 kg-1 and hardness of 9.2 GPa fills a multifunctionality gap toward sustainable use of energy under harsh service conditions.