L12-precipitate-strengthened multi-component alloys (MCAs) possess exceptional combination of strength and ductility. However, the high production costs of L12-containing MCAs impede their industrial application. This study introduces a novel approach for designing cost-effective L12-containing MCAs by microalloying Al and Ti with a base composition of Fe50Ni30Cr20 (at%). Three types of MCAs were investigated in this study: Fe50.13Ni28.84Cr18.56Al1.39Ti1.08 (1Ti alloy), Fe46.53Ni27.32Cr19.91Al3.44Ti2.80 (3Ti alloy), and Fe48.51Ni25.93Cr15.75Al5.10Ti4.71 (5Ti alloy) (at%). An increase in the (Al, Ti) content from 1 to 3 at% accelerates the formation of L12 particles, whereas an increase in the (Al, Ti) content from 3 to 5 at% leads to the activation of the brittle B2 and D024 phases. The rapid co-precipitation of the L12, B2, and D024 phases in the 5Ti alloys substantially hinders recrystallization during annealing, whereas the 3Ti alloys exhibit the highest rate of recrystallization upon annealing at 600 and 700 °C, mainly due to the reduction in the stacking fault energy of the matrix. The 5Ti alloys exhibit the highest hardness and the lowest plasticity owing to the presence of brittle B2 and D024 precipitates. By contrast, the 3Ti alloy annealed at 600 °C, in which dense and relatively fine L12 particles precipitated, exhibits a superior combination of hardness and plasticity. This study provides insights into the composition and annealing condition-dependent precipitation, recrystallization, and mechanical properties of ferrous MCAs.