Developing high-performance alloys with gigapascal strength and excellent ductility is crucial for modern engineering applications. The concept of multi-component high/medium entropy alloys (H/MEAs) provides an innovative approach to designing such alloys. In this work, we developed the Co1.5CrNi1.5Al0.2Ti0.2 MEA, which exhibits outstanding mechanical properties at room temperature through low-temperature pre-aging followed by annealing treatment. Tensile testing reveals that the MEA possesses an ultrahigh yield strength of 20±0785 MPa, an ultimate tensile strength of 2365 ± 70 MPa, and exceptional ductility of 15.8% ±1.7%. The superior tensile properties are attributed to the formation of fully recrystallized heterogeneous structures (HGS) composed of ultrafine grain (UFG) and fine grain (FG) regions, along with discontinuous precipitation of coherent nano-size lamellar L12 precipitates. The mechanical incompatibility between the UFG region and the FG regions during deformation induces the accumulation of a large number of geometrically necessary dislocations at the interface, resulting in strain distribution and hetero-deformation-induced (HDI) stress accumulation, contributing significantly to HDI strengthening. HDI strengthening, precipitation strengthening, and grain boundary strengthening are the primary mechanisms responsible for the ultra-high yield strength of the MEA. During deformation, the dominant deformation mechanisms include dislocation slip, deformation-induced stacking faults, and Lomer–Cottrell locks, with minor deformation twinning. The synergistic interaction of these multiple deformation modes provides the MEA with excellent work hardening capability, delaying plastic instability and achieving an excellent combination of strength and ductility. This study provides an effective strategy for synergistically strengthening MEAs by combining HDI strengthening with traditional strengthening mechanisms. These findings pave the way for the development of advanced structural materials with high performance tailored for demanding applications in engineering.