Half-metallic Heusler alloys have attracted significant attention due to their potential application in spin-transport-based devices. We have synthesized one such alloy, CoFeV0.5Mn0.5Si, using arc melting and high-vacuum annealing at 600 °C for 24 hours. First principles calculation indicates that CoFeV0.5Mn0.5Si shows a nearly half-metallic band structure with a degree of spin polarization of about 93%. In addition, this value can be enhanced by the application of tensile strain. The room temperature x-ray diffraction patterns are indexed with the cubic crystal structure without secondary phases. The annealed sample shows ferromagnetic order with the Curie temperature well above room temperature (Tc = 657 K) and a saturation magnetization of about 92 emu/g. Our results indicate that CoFeV0.5Mn0.5Si has a potential for room temperature spin-transport-based devices.