Present work elaborates the development of 45-xFe-28Cr–20Co–3Mo–2V–2Ti-xSm; x = 0, 0.5, 1.0, 1.5, 2.0, 2.5, 3.0 wt% hard magnets using traditionally induction melting and casting, isothermal magnetic annealing and multiple aging treatments. The crystal structure, magnetic phases, crystallographic texture, microstructure and magnetic characteristics of processed magnets have been systematically investigated and their results are discussed. Studies showed that magnetic characteristics of the processed magnets rely on the alloy chemistry, nature of phases, metallurgical structure and heat treatment procedure. Magnetic hardening in 45Fe–28Cr–20Co–3Mo–2V–2Ti magnet resulted from the shape magnetic anisotropy of {110}<001> textural Fe–Co–V (55.8%) and Cr–Mo–Ti (44.2%) nanoscale structures which leads to maximum (BH)max of 33.4 kJ/m3, Br of 0.71 T and Hc of 114 kA/m. The micro-addition of 2 wt% Sm to 45Fe–28Cr–20Co–3Mo–2V–2Ti alloy caused to improve magnetic characteristics as much as (BH)max of 63.2 kJ/m3, Br of 1.04 T and Hc of 148 kA/m due to conjunction of shape magnetic anisotropy of Fe–Co–V (58.2%), Cr–Mo–Ti (23.8%) phases and magnetic field anisotropy of SmCo5 (18%) phase.