In this work, we investigate the effects of substituting Ni/Al for Cr on the thermomagnetic and magnetocaloric properties of FeCoNiCrAl-type high entropy alloys (HEAs). Ni and Al appear to prefer the BCC phase, and increases in the Al composition appear to stabilize the BCC phase. In contrast to Al, Ni content yields an increase in the FCC phase fraction, resulting in a drop off in magnetization. The phase transformation from BCC to FCC was intensified at annealing temperatures of 800 °C and higher due to increased diffusion rates and the resulting spinodal decomposition. A magnetic phase transition around 150 K was found in the FeCoNi1.5Cr0.5Al annealed alloy potentially corresponding to the FCC phase, and a very broad magnetic phase transition was observed in the annealed FeCoNiCrAl alloy, resulting in a high refrigerant capacity of RCFWHM = 242.6 J·kg-1 near room temperature. A peak magnetic entropy change of -ΔSM = 0.674 J·kg-1·K-1 was also obtained at applied fields of ∼70 kOe at 290 K in the FeCoNiCrAl HEA. These magnetocaloric values are comparable to Fe-based metallic glasses such as Fe-Tm-B-Nb and Fe-Zr-B-Co alloys, with a similar transition near room temperature.