Structure and mechanical properties of a new Al0.5CrNbTi2V0.5 high entropy alloy in the as-cast and annealed at 1200°C for 24h conditions are reported. In the as-cast condition the alloy has single body-centered cubic (bcc) phase structure. After annealing relatively fine and homogeneously distributed particles of Laves phase form in the bcc matrix. The precipitation of the second phase particles is accompanied by an increase in the yield strength and decrease in ductility determined in compression at room temperature. With increase of the testing temperature to 1000°C, the strength of the alloy decreases and ductility increases. The experimental phase composition of the alloy is compared with predicted equilibrium phases and possible ways to tailor the structure of the alloy to increase the mechanical properties further are discussed.