Thermodynamic and phase equilibrium data of the Fe-P system have been critically assessed by employing the CALPHAD method. The regular type solution model was applied to α(bcc), γ(fcc) and liquid Fe-P phases. The stoichiometric compound model was applied to the intermediate phases such as Fe3P, Fe2P and FeP. The parameters of the thermodynamic models have been evaluated from the thermodynamic and phase equilibrium data in the literature. Stable and metastable phase equilibria, To curves and thermodynamic properties have been calculated using the evaluated parameters. The calculated results are in fairly good agreement with the experimentally measured data.