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In present work, the monotonic and cyclic properties of a novel Al‐Mg‐Zn‐Cu‐Si compositionally complex alloy (CCA) are investigated. Microstructural studies reveal that a eutectic phase and fishbone‐type structures are embedded in the Al‐matrix. The mechanical properties of this CCA obtained under compressive loading are found to be promising. However, low ultimate strength and brittle behavior are seen under tension. The fatigue performance of the alloy in the low‐cycle fatigue (LCF) regime is poor. Microstructural features and fracture surface analysis point to the fact that the presence of brittle intermetallic phases and shrinkage defects are responsible for the poor tensile properties and inferior LCF behavior. Homogenization at 460 and 465 °C for 3 h, 6 h, and 24 h results in spheroidization of all coarse precipitates. However, the heat treatment used is unsuitable to enhance the mechanical properties of this CCA.