The Phèbus FP (Fission Product) research program, conducted by IRSN and CEA, aimed to improve the understanding of the phenomena governing core melt down, fission product release and transport, as well as the fission product behaviour in the containment. The test facility represents a 900 MWe PWR at a 1/5000 scale. The second test, FPT1, was carried out in 1996 and utilised an Ag-In-Cd alloy control rod. There is a growing interest in Best Estimate Plus Uncertainty analysis both in the research, as well as in the licensing. It has a long-standing history in case of thermal–hydraulic system codes focusing on design basis accidents, but its application is limited on the severe accident domain. In recent times however an increasing attention has been paid to evaluating severe accident codes’ uncertainties. This study presents an uncertainty and sensitivity analysis (UaSA) of the FPT1 test, focusing on fission product behavior modeling within the severe accident code system AC2. The detailed application of the coupled codes ATHLET-CD and COCOSYS in this context is novelty. Detailed description of the methodological and practical approach is provided. The uncertain input parameters chosen and quantified are directly related to the phenomena describing the fission product transport and retention phenomena both in the primary circuit, as well as in the containment, while thermal–hydraulic conditions within the primary circuit were kept as much as possible constant. Finally, the study has been complemented by a sensitivity analysis deriving the Spearman's rank correlation coefficient for each uncertain input parameter.