The microstructure and phase composition of an AlCoCrFeNi high-entropy alloy (HEA) were studied in as-cast (AlCoCrFeNi-AC, AC represents as-cast) and homogenized (AlCoCrFeNi-HP, HP signifies hot isostatic pressed and homogenized) conditions. The AlCoCrFeNi-AC ally has a dendritric structure in the consisting primarily of a nano-lamellar mixture of A2 (disordered body-centered-cubic (BCC)) and B2 (ordered BCC) phases, formed by an eutectic reaction. The homogenization heat treatment, consisting of hot isostatic pressed for 1h at 1100°C, 207MPa and annealing at 1150°C for 50h, resulted in an increase in the volume fraction of the A1 phase and formation of a Sigma (σ) phase. Tensile properties in as-cast and homogenized conditions are reported at 700°C. The ultimate tensile strength was virtually unaffected by heat treatment, and was 396±4MPa at 700°C. However, homogenization produced a noticeable increase in ductility. The AlCoCrFeNi-AC alloy showed a tensile elongation of only 1.0%, while after the heat-treatment, the elongation of AlCoCrFeNi-HP was 11.7%. Thermodynamic modeling of non-equilibrium and equilibrium phase diagrams for the AlCoCrFeNi HEA gave good agreement with the experimental observations of the phase contents in the AlCoCrFeNi-AC and AlCoCrFeNi-HP. The reasons for the improvement of ductility after the heat treatment and the crack initiation subjected to tensile loading were discussed.