High-entropy alloy is a new class of metallic materials with great potential for many applications. However, their microstructural characteristics, particularly those of precipitates, remain poorly understood. This has hindered the establishment of structure-property relationship in these alloys. Here, we report the morphology, crystal structure and composition of the precipitates in the Al0.3CoCrCu0.5FeNi high-entropy alloy. Two types of precipitates were identified, namely the plate-like and the spherical precipitates. Their formation sequence and mechanism during the cooling process are discussed based on thermodynamics.