The invention discloses a permanently magnetic alloy of Fe, Cr, Co with composite aluminum and niobium and a deforming and processing technique thereof, belongs to the field of permanently magnetic alloy materials of Fe, Cr, Co, and particularly relates to the alloy of Fe, Cr, Co that has reduced Co content and improved processing performance and the deforming and processing method thereof. The permanently magnetic alloy of Fe, Cr, Co with composite aluminum and niobium consists of following ingredients by weight: 22 to 27 percent of chromium (Cr), 10 to 16 percent of cobalt (Co), 1.0 to 3.0 percent of aluminum (Al), 3.0 to 5.5 percent of niobium (Nb) and remaining ferrum and unavoidable impurities. The deforming and processing technique of the permanently magnetic alloy of Fe, Cr, Co comprises a smelting procedure, a smithing procedure, a hot rolling procedure, an acid cleaning procedure, a cold processing procedure and a magnetic performance processing procedure. The invention can effectively reduce Co content, lower material cost, and improve the magnetic performance and the mechanical processing performance of the permanently magnetic alloy material; the processing technique that is provided by the invention has reasonable setting of each procedure which can allow the alloy to obtain higher magnetic performance and provide a better method for the deforming and processing of the permanently magnetic alloy material of Fe, Cr, and Co with high magnetic performance.