The effect of cooling rate on the microstructure and mechanical properties of equimolar NiCoFeCrGa high-entropy alloy (HEA) was studied by scanning electron microscopy, energy-dispersive X-ray spectroscopy and electron backscatter diffraction (EBSD), as well as by microhardness tests. Experimental results show that the cooling rate has a crucial impact on the developing microstructure which has a mixture of two—FCC and BCC—phases, leading to a self-similarity of the solidified structure formed in the sample. Furthermore, the cooling rate influences both the composition of the two phase-components and the ratio of their volume fractions, determining the mechanical properties of the sample. The present results confirm the grouping of Co, Fe and Cr in the FCC phase and that of Ni and Ga in BCC phase in the NiCoFeCrGa high-entropy alloy system. An empirical rule is suggested to predict how the phase-components can be expected in this complex high-entropy alloy.