Single-phase concentrated solid-solution alloys (CSAs) have exhibited excellent mechanical and radiation tolerance properties, making them potential candidate materials for nuclear applications. These excellent properties are closely related to dislocation movements, which depend on the stacking fault energies (SFEs). In CSAs, SFEs show large fluctuations due to variations in the local atomic environments in the vicinity of the stacking faults. In this work, first-principle calculations were performed to investigate the origin of the fluctuations in the SFEs of the widely studied CSA, NiCoCr, which show a very wide distribution from about −200 mJ/m² to 60 mJ/m². Compared to the common understanding that only atoms in close proximity to the stacking fault influence the SFEs in pure metals and dilute alloys, charge redistribution can be observed in several nearby planes of the stacking fault in NiCoCr, indicating that atoms several atomic layers away from stacking fault also contribute to the SFEs. Our analysis shows that Cr plays a major role in the large fluctuation in the SFEs of NiCoCr based on both electronic and magnetic responses. The flexible electronic structure of Cr facilitates easier charge transfer with Cr in several nearby atomic planes near the stacking fault, leading to significant changes in the d-electron number, orbital occupation number, and magnetic moments of Cr.