We studied an equiatomic FeCoNiMnSi high entropy amorphous alloy successfully processed via mechanical alloying technique. The structural, magnetic, and magnetocaloric characteristics of the resulting materials were examined using X-ray diffraction, field emission scanning electron microscopy, high-resolution transmission electron microscopy, and a vibrating sample magnetometer. The structural analysis showed a prominent amorphous phase formation as the milling time increases from t = 0–35h of mechanical alloying. The differential scanning calorimetry was employed to investigate the non-isothermal crystallization kinetics of the 35-h milled sample. The results revealed that the milled powder consists of a single exothermic peak with its apparent activation energy (Eg, Ex, Ep) being determined using the Kissinger, Ozawa, and Augis-Bennett equations. The findings exhibit Ex > Ep > Eg, representing that nucleation is more complicated than the growth mechanism during the crystallization process. Meanwhile, under non-isothermal conditions, the Kissinger-Akahira-Sunose, Friedman, and Flynn-Wall-Ozawa models were calculated using the local activation energies that agree with the apparent activation energy. Furthermore, the Johson-Mehl-Avrami-Kolmogorov exponent (n) and Avrami-Ozawa combined [F(T)] models exhibit high-dimensional nucleation and growth with an increasing nucleation rate enabled by lowering the local activation energies as a function of degree of conversion with respect to temperature. In magnetic measurements, a feasible mathematical model was proposed as a novel strategy for predicting the value of saturation magnetization as a milling time function. The model has an exceptional predictive capability, confirmed by fitting other research outcomes. Finally, the proposed system also delivers the best magnetocaloric properties with a maximum magnetic entropy change of 3.70 Jkg−1 K−1 at 150 K curie temperature and a refrigeration capacity of 252.86 J/kg with 1000 Oe applied magnetic field.