Optimization of Cr content is crucial for γ'-strengthened NiCoCr-based medium entropy alloys, influencing the stacking fault energy, deformation behavior and the precipitation of brittle σ phase. In this study, (NiCo)88-xCrxAl10Ta2 gradient materials were prepared by L-DED, and the influence of Cr content on the phase precipitation and tensile deformation behavior was investigated. As the Cr content decreases from 24.1 at% to 13.9 at%, the aging time for σ phase precipitation at the grain boundaries at 750°C increases from 100 hours to 215 hours. Meanwhile, the coarsening rate of γ' phase at 750°C are found to be 7.84×10−28 m3/s and 13.6×10−28 m3/s for the Cr content of 24.1 at% and 18.7 at%, respectively. It suggests that the reduction in Cr content notably suppresses the precipitation of σ phase, and accelerates the coarsening rate of γ' phase. Tensile testing of the gradient material reveals that the lower Cr content region exhibits fewer and shorter stacking faults during tensile deformation due to its higher stacking fault energy, leading to the rapid development of local strain, subsequent necking, and eventual fracture. Taking into account the evolution of microstructure, hardness, and deformation substructure with varying Cr content, the appropriate Cr content in (NiCo)88-xCrxAl10Ta2 medium entropy alloy is 17–24 at%.