Magnetic materials are crucial for technological development in many sectors, such as electric motors, transformers, power generators or recording media. High performance permanent magnets with large saturation magnetization, high Curie temperature and large uniaxial magnetic anisotropy are necessary, these requirements being currently fulfilled by the rare earth permanent magnets such as Sm-Co and Nd-Fe-B [
1]. The volatile prices and restricted accessibility to the rare earth resources raised a strategic issue, directing the research efforts in the last two decades to the search of new magnetic materials with close performance to Sm-Co and Nd-Fe-B magnets, but with lower rare earth content. Also, the search for new permanent magnets without rare earth elements arouse interest in the magnetic materials research [
2,
3,
4]. Due to their reduced costs and small supply risks, their use in less-demanding applications can be efficient. This research direction is motivated by the large gap in the price-performance diagram between the hard ferrite/Alnico magnets and the high performant RE which could be filled in by new rare-earth free permanent magnets. In this last category, the Fe compounds with anisotropic crystal structure are important candidates for functional rare-earth free permanent magnets due to their lower price, standardized preparation procedure and good mechanical properties. Such compound is Fe
5SiB
2 discovered in the 1960’s by Aronsson et al. [
5], having a Cr
5B
3 structure type (
I4/mcm space group). According to the recent research, a saturation magnetization of 9.2 µ
B/f.u. has been theoretically predicted for this compound [
6], whilst the magnetic measurements at 10 K show a value of 1.1 MA/m, with large values of Fe spin magnetic moments on both Fe crystal sites (2.31 µ
B for Fe on
4c site and 2.10 µ
B for Fe on
16l site) determined by neutron diffraction at 16 K [
7]. A magnetic anisotropy constant
K1 of -0.28 MJ/m
3 [
6] and experimentally determined Curie temperature over 800 K [
7,
8] have been also reported for this compound. The in-plane anisotropy and the spin reorientation at ~ 170 K [
7] makes this compound inefficient for permanent magnets (PM) development, but further research found that the Co for Fe substitution in (Fe,Co)
5SiB
2 is able to turn the sign of MAE from negative to positive, enabling an axial easy magnetization direction for the corresponding alloys, as well as the decrease of the spin reorientation transition temperature down to the lowest temperature [
9]. Previous studies showed that doping with
5d elements (M) is effective by building stronger uniaxial anisotropy in Fe alloys, due to the stronger spin-orbit coupling of Fe-
3d and M-
5d states. Earlier research on Fe
5PB
2 doped with W of Thakur et al. [
10] showed that the anisotropy constant K
1 increases from 0.152 MJ/m
3 in Fe
5PB
2 to 1.135 MJ/m3 in Fe
4WPB
2, this enhancement being attributed to the strong spin-orbit coupling of Fe-3d states and W-5d states. Still,
5d doping could decrease the magnetization and the Curie temperature in Fe alloys, the doping amount in this case having to be optimized to maintain them at values compatible with functional applications. Our previous theoretical investigations showed for Fe
4WSiB
2 alloy an increased anisotropy constant of 0.218 meV/f.u. but lower total magnetic moment (7.97 µ
B/f.u.) and Curie temperature (747 K) compared with the undoped Fe
5SiB
2 compound [
11]