Cu‐30 Vol % Fe multifilamentary composites were produced in situ. Magnetic hysteresis loops of wire and tape composites were obtained at room temperature as a function of both cross‐sectional area reduction, up to 99.9996%, and annealing conditions. Hci and (BH)max increase with cross‐sectional area reduction, reaching 250 Oe and 0.46 MG Oe, respectively, in the most heavily deformed unannealed samples. On proper annealing, Hci and (BH)max increase dramatically, up to 590 Oe and 1.35 MG Oe, respectively. Considering the simple preparation technique and inexpensive constituent elements, the in situ formed Cu‐Fe composites appear to have the potential for permanent magnet applications.