The phases, microstructure, and magnetic properties in a severely deformed Cr-Ni–Al alloy have been studied. The eutectic microstructure observed in localized regions of the alloy can be interpreted as a result from the super-Arrhenius relaxation of the alloy. According to X-ray diffraction and magnetometry, the nanosized nickel inclusions in the matrix of the chromium-nickel γ-solid solution are formed. It is shown that, after severe (superplastic) deformation, a unidirectional magnetic anisotropy is induced, which may be associated with the antiferromagnetic coupling between the CrNi2 matrix and the nickel inclusions.