Precipitation strengthening is one of the most effective approaches for developing advanced structural materials with outstanding strength-ductility combinations. However, most compositional designs of precipitate-strengthened HEAs/MEAs compromise the cost-property tradeoff owing to the addition of expensive Co element. In this study, a Co-free FeCrNi-based precipitate-strengthened medium entropy alloy (denoted as Al0.2Cr0.9FeNi2.2Ti0.2) with a near-equiatomic FeCrNi matrix and a high content (∼ 35 %) L12 nanoprecipitates was designed using a mixing strategy. The microstructural features, mechanical performance, deformation substructure evolution, and strengthening mechanisms were systematically investigated using EBSD, TEM, and APT. Tensile tests indicated that the current alloy aged within a moderate temperature range achieved an exceptional strength-ductility combination compared to existing Co-containing and Co-free HEAs/MEAs. Particularly, the alloy aged at 700 ℃ (denoted as 700A) demonstrated a high ultimate tensile strength of 1606 MPa and a large ductility of 25 %, benefiting from both precipitation hardening and an unusual strain-hardening sustainability. Such anomalous strain-hardening sustainability can be attributed to the dislocation dipole-induced plasticity. High-density dislocation dipoles can simultaneously provide additional strain hardening by reducing the dislocation mean free path and enhance plastic deformation compatibility by acting as stress delocalization origins, thereby contributing to excellent strength-ductility synergy. These findings will not only open a new door for the future development of high-performance Co-free precipitate-strengthened HEAs/MEAs, but also deepen the understanding of the work-hardening mechanisms in these alloys.