A Co–Ni–Cu multiprincipal element alloy (MPEA) powder was successfully synthesized through coprecipitation. Results of energy dispersive spectroscopy (EDS) and X-ray fluorescence spectroscopy (XRF) revealed nearly equal atomic ratios for Co, Ni, and Cu in the Co–Ni–Cu MPEA powder. Moreover, X-ray diffraction (XRD) confirmed a single-phase face-centered cubic (fcc) structure in the Co–Ni–Cu MPEA powder. To explore the differences in microstructure and mechanical properties, we compared a novel WC–2Co–2Ni–2Cu cemented carbide, utilizing the Co–Ni–Cu MPEA as a binder, with conventional WC–6Co and WC–3Co–3Ni cemented carbides prepared via liquid phase sintering. This comparison was conducted using scanning electron microscopy, XRD, and mechanical properties testing. Observations revealed that the surfaces of WC grains in WC–2Co–2Ni–2Cu and WC–6Co appeared smooth and flat, while those in WC–3Co–3Ni exhibited roughness with numerous terraces. In addition, the average grain size was 0.96, 1.14, and 1.22 μm in WC–2Co–2Ni–2Cu, WC–6Co, and WC–3Co–3Ni, respectively. Notably, the Co–Ni–Cu MPEA inhibited WC grain growth. WC–2Co–2Ni–2Cu (1388 HV30) exhibited hardness similar to that of WC–6Co (1406 HV30) but the highest fracture toughness (9.04 MPa∙m1/2), while WC–3Co–3Ni (1332 HV30) presented the lowest hardness. Bending strength values were recorded at 2406 MPa for WC–2Co–2Ni–2Cu, 2816 MPa for WC–6Co, and 2645 MPa for WC–3Co–3Ni, with WC–6Co exhibiting the highest bending strength. Considering their microstructures, physical properties, and mechanical properties comprehensively, the novel cemented carbides exhibited only slightly reduced bending strength compared to conventional counterparts. Thus, the Co–Ni–Cu MPEA binder demonstrates promising potential as a replacement for the conventional Co metal binder.