Co-20Cr-15W-10Ni (mass%, CCWN) alloy is extensively used as a platform material for balloon-expandable stents. In this study, the mechanical properties of CCWN alloy are improved following the addition of Fe, and the effects of Fe addition on the mechanical and corrosive properties of the alloy are investigated. As-cast specimens were fabricated by adding pure Fe to a commercially available CCWN alloy (base alloy) such that the resulting alloys contained 4, 6, and 8 mass% Fe. The as-cast specimens were subjected to homogenization heat treatment at 1523 K for 7.2 ks and then hot-forged at 1473 K (as-forged specimens). The as-forged specimens were cold-rolled at a reduction rate of 30% and heat-treated at 1473 K for 300 s (recrystallized specimens). The matrix of the recrystallized base- and Fe-containing alloys consisted of a single γ (face-centered cubic)-phase. The Fe-added alloys revealed precipitates composed of the η-phase (M6X-M12X-type phase, M: metallic element, X: C and/or N). The average grain size of the recrystallized base and Fe-added alloy specimens was approximately 34 μm and the amount of added Fe had no significant effect on the static recrystallization behavior of the resulting alloys. Alloys containing 6 mass% or more Fe showed improvements in strength and ductility compared with the base alloy. When the Fe-added alloys were compared, their strength decreased whereas their ductility increased when the added Fe increased. Because Fe acts as a γ-phase-stabilizing element for Co, Fe addition increases the stacking fault energy of the base alloy, resulting in the formation of the ε (hexagonal close-packed)-phase owing to the suppression of strain-induced martensitic transformation (SIMT), and improvements in ductility. No deterioration in corrosion resistance was observed following the addition of up to 8 mass% Fe to the base alloy. Based on these results, the addition of Fe to CCWN alloy may be considered an effective method to improve its mechanical properties, especially ductility, without impairing its corrosion resistance. The results of this study will be useful for the future development of Ni-free Co-Cr alloys for next-generation, small-diameter stents.