This work focuses on systematic studies of Ce–Co based 1:5 permanent magnet alloys of CeCo4.4-xFexCu0.6 and CeCo3.9-xFexCu1.2 (x = 0, 0.3, 0.6, 0.9, 1.2, 1.8) by varying Co:Fe. The overarching aim of this manuscript is to elucidate the hard-magnetic properties through a better understanding of phase formation by the structural, microstructural, and magnetic properties in these materials. Improved mutual solubility of Fe in the 1:5 phase has been observed with an extended homogeneity range by Cu substitution. For both composition series, Fe contents of x ≤ 0.6 show a homogeneous microstructure with a single 1:5 phase and good magnetic properties. The composition region 0.6 < x ≤ 0.9 appears to be near the boundary of solubility and evolution of other phases. At x = 1.8, it is found that the homogeneous 1:5 phase and magnetic hardness deteriorated due to the evolution of secondary phases such as 2:17, 2:7, and Fe–Co. The addition of Fe improved both the magnetization and Curie temperature via increased effective exchange interactions, while an increase in Cu content enhanced coercivity.