New Al0.5CrNbTi2V0.5 high entropy alloy produced by arc melting and casting. In the as-cast condition the alloy has single bcc phase structure. After annealing at 1200 °C fine Laves phase particles precipitate. Precipitation of Laves phase particles results in strengthening and decrease of ductility. Simulated equilibrium phase diagram suggests many options for microstructure control.