AlNiCo (aluminum-nickel-cobalt) magnets, once the cornerstone of permanent magnet technology, now face unprecedented substitution pressure from emerging materials. This paper systematically analyzes the limitations of AlNiCo magnets in cost, performance, and application scenarios, and explores the replacement potential of five emerging magnetic materials: high-temperature superconductors, Mn-Al alloys, fourth-generation rare-earth magnets, FeCrCo alloys, and altermagnets. Through comparative analysis of magnetic properties, cost structures, and industrialization progress, it reveals that high-temperature superconductors and Mn-Al alloys are most likely to achieve large-scale substitution in the medium to long term, while fourth-generation rare-earth magnets and FeCrCo alloys will compete in niche markets. The paper concludes with strategic recommendations for the magnetic material industry to navigate this transformative period.