The addition of Zn to AlCrFeCoNi high‐entropy alloy (HEA) poses intriguing questions as to how it would affect phase evolution. Herein, the phase evolution in AlCrFeCoNiZn is studied using a combination of experimental techniques (X‐ray diffraction, scanning electron microscopy, energy‐dispersive spectroscopy, and differential scanning calorimetry) and computational (density‐functional theory [DFT], calculation of phase diagrams, and machine‐learning) methods. Mechanically alloyed and spark‐plasma‐sintered AlCrFeCoNiZn assumes a metastable single‐phase, body‐centered‐cubic (BCC) structure that undergoes diffusion‐controlled phase separation upon subsequent heat treatment to form separate (Al, Cr)‐rich, (Fe, Co)‐rich, and (Zn, Ni)‐rich phases. The formation of (Al, Cr)‐rich phase, not reported previously in AlCrFeCoNi‐based HEAs, is attributed to strong clustering tendency of Cr–Zn and Cr–Ni pairs, combined with the strong ordering of Zn–Ni pair, driving out Cr that in turn combines with Al to form a (Al, Cr)‐rich phase. In the DFT results, the formation of thermodynamically stable L12 phase is shown wherein Cr–Fe–Zn [Al–Ni‐Co] preferably occupy1a (000) [3c (0 ½ ½)] positions. The sluggish diffusional transformation to L12 phase from BCC precursors is attributed to the small stacking‐fault energy of AlCrFeCoNiZn. The equilibrated HEA exhibits a high microhardness of 8.24 GPa with an elastic modulus of 184 GPa.