[5] The mineral is named after its tetragonal crystal structure and its relation to the iron-nickel alloy, taenite, which is chemically disordered (A1) phase with an underlying fcc lattice.

[13] Tetrataenite forms naturally in iron meteorites that contain taenite that are slow-cooled at a rate of a few degrees per million years, which allows for ordering of the Fe and Ni atoms.

[17] It has been reported that the combined application of mechanical stress and a modest magnetic field during the annealing process can accelerate the formation of the atomically ordered L10 phase in bulk samples.

[21] Tetrataenite has a highly ordered crystal structure,[16] appearing creamy in color and displaying optical anisotropy.

Tetrataenite is a candidate for replacing rare-earth permanent magnets such as samarium and neodymium since both iron and nickel are earth-abundant and inexpensive.