This research work aims to investigate the mechanically alloyed Fe15Co2P3. Parametric Rietveld refinement method, of the obtained X-ray patterns, was performed for qualitative and quantitative phase analysis, structural, microstructural and mechanical properties. The ball-milled powder mixture crystallized within the face-centred cubic α-Fe(P) solid solution in equilibrium with Co75Fe25 phase. The crystallite size decreases reaching 100 and 200 nm respectively after 3h of milling. The highest values of the dislocation density, microstain and stored energy are registered for the α-Fe(P) solid solution. The studied mechanical properties manifest the brittle nature of the α-Fe(P) solid solution compared to the Co75Fe25 phase. The squareness ratio Mr/Ms and the coercivity values of the milled powders increase with increasing milling time and reach steady state after 2 h. The hysteresis loss energy and maximum permeability reach minimal values of 45*10− 4 W/m3 and 49*10− 3 H/m respectively, after 1 h of milling at the opposite of the switching field distribution.