The crystal structure and magnetic properties of the multicomponent Laves phase compounds (Gd1-xYx)0.8Sm0.2Fe2Hz (boldsymbol{x} = 0, 0.2, 0.4, 0.6, 0.8, 1; boldsymbol{z} = 0 and 3.4) are investigated. These compounds crystallize into an MgCu2 type of structure. Hydrogenation does not change the crystal structure type but boosts the unit cell volume of (Gd,Y,Sm)Fe2 by ∼25%. Both parent and the hydrogen-charged ferrimagnetic compounds demonstrate magnetic compensation (mutual cancellation of magnetic moments of the individual magnetic sublattices). The exact compositions with zero magnetization state (compensated compositions) predicted using a three-sublattice model are in good agreement with the experiment. In the hydrides, the magnetic compensation takes place at a lower Y content as compared to the parent alloys. Pulsed magnetic fields reveal a distinctly different behavior of magnetization in the hydrides. With the increase of magnetic field, magnetization increases much faster in the hydrides as compared to the parent compounds.