In high field magnets, most of the structural materials operate at very low temperatures (e.g. 1.8 K) and high magnetic fields (e.g. >20 T). Such an extreme environments ask for demanding properties from the materials. Austenite stainless steels have been used for such an application for decades and provide good combination of mechanical strength and toughness at cryogenic temperatures. In the National High Magnetic Field Laboratory, we have studied intermetallic precipitate strengthened alloys for high field magnet and cryogenic applications. An examination of the data from an intermetallic precipitate strengthened alloys shows that intermetallic precipitate strengthened alloys can be used at cryogenic temperatures and have some superior properties in extreme environments. Based on our experimental data, we developed a new alloy that has even better properties than the current intermetallic precipitate strengthened alloys.