L10-ordered FeNi, tetrataenite, found naturally in meteorites is a predilection for next-generation rare-earth free permanent magnetic materials. However, the synthesis of this phase remains unattainable in an industrially relevant time frame due to the sluggish diffusion of Fe and Ni near the order-disorder temperature (593 K) of L10 FeNi. The present work describes the synthesis of ordered L10 FeNi from elemental Fe and Ni powders by mechanical alloying up to 12 h and subsequent heat treatment at 623 K for 1000 h without a magnetic field and for 4 h in the presence of 1.5 T magnetic field. Also, to address the ambiguity of L10 phase identification caused by the low difference in the X-ray scattering factor of Fe and Ni, synchrotron-based X-ray diffraction is employed, which reveals that 6 h milling is sufficient to induce L10 FeNi formation. Further milling for 12 h is done to achieve a chemically homogeneous powder. The phase fraction of L10-ordered FeNi is quantified to ∼9 wt % for 12 h milled FeNi, which increases to ∼15 wt % after heat treatment. Heat treatment of the milled powder in a magnetic field increases the long-range order parameter (S) from 0.18 to 0.30. Further, the study of magnetic properties reveals a decrease in magnetic saturation and a slight increase in coercivity with the increase in milling duration. At the same time, heat treatment in the magnetic field shows a considerable increase in coercivity.