Abstract: The low-cost iron rich medium-entropy alloy Fe₆₀（CoCrNiMn）₄₀（atom fraction/%）was prepared by increasing the iron content in the CoCrFeMnNi alloy, and then was treated by 1 200 ℃×3 h homogenization, rolling and 900 ℃×1 h annealing. The microstructure, tensile properties, and corrosion resistance of the alloy were investigated. The results show that the test alloy was composed of a single austenitic phase with a face-centered cubic structure. The recrystallized grain size was uniform with the average value of about 17.8 μm, and annealing twins appeared in the recrystallized grains. The test alloy showed good tensile properties and strain-hardening capacity at room temperature, as well as significant self-passivation behavior in NaCl solution and good corrosion resistance, with the tensile strength of 603 MPa, the yield strength of 226 MPa, the percentage elongation after fracture of 81.6%, the free-corrosion potential in the NaCl solution of 0.461 6 V, the free-corrosion current density of 2.74×10^-6 A·cm^-2, and the charge transfer resistance of 2.94×10⁵ Ω·cm². Compared with those of other iron-rich multicomponent alloys, the test alloy had higher tensile strength and percentage elongation after fracture, more than 10% higher plastic strain and lower free-corrosion current density. The tensile fracture of the test alloy consisted of uniformly distributed dimples, and the tensile fracture mode was toughness fracture. The obvious corrosion pits appeared on the test alloy surface after electrochemical corrosion in the NaCl solution, and the electrochemical corrosion mode was mainly pitting.