This study investigates the microstructural characteristics and magnetic properties of the as-cast Fe-Co-14V alloy. Ingots of the Fe-Co-14V alloy were produced using vacuum arc remelting (VAR), and their microstructure was examined through optical microscopy (OM), field-emission scanning electron microscopy (FE-SEM) equipped with energy dispersive X-ray spectroscopy (EDS), and X-ray diffraction (XRD). The magnetic properties were assessed using vibrating sample magnetometry (VSM). The OM and FE-SEM micrographs and XRD patterns revealed that the room temperature microstructure of the as-cast Fe-Co-14V alloy is predominantly comprised of a vanadium-supersaturated austenite phase. Magnetic studies indicated that an increase in vanadium content leads to a decrease in saturation magnetization (M_s), accompanied by an increase in coercivity (H_c). The decrement in Ms is attributed to the presence of the paramagnetic austenite phase, while Hc is significantly influenced by the ability to rotate the wall of the magnetic domains.