Utilizing density functional theory, the structural, electronic, vibrational, and thermophysical properties of L10 FePt, L12 Fe3Pt, and L12 FePt3 alloys are meticulously analyzed. Employing projected augmented wave pseudopotentials alongside the Perdew–Burke–Ernzerhof exchange‐correlation function, equilibrium lattice constants are computed, aligning closely with existing data, thus validating our approach. To ascertain the dynamical stability of these alloys, phonon frequencies and density of states across high symmetry directions of the Brillouin zone are computed, affirming their stability with positive phonon frequencies throughout. Furthermore, the electronic band structure, the total and projected density of states, electronic charge density, and Fermi surfaces of the alloys are delved. The thorough analysis of phonon dispersion curves, electronic band structures, and the density of states, charge densities, and Fermi surfaces provides conclusive insights into the properties and behavior of the alloys. In essence, comprehensive investigation offers valuable insights into the thermophysical properties of L10 FePt, L12 Fe3Pt, and L12 FePt3 alloys, spanning equilibrium lattice constants, phonon characteristics, and electronic properties. These findings significantly augment the understanding of the structural stability, phonon dynamics, and electronic behavior exhibited by these alloys.