MAX phases exhibit a wide range of important physical properties, making them a significant area of research with various practical applications. In this paper, a theoretical study of two new magnetic MAX phases, Fe2CuB and Fe2ZnB, has been conducted using first-principles spin-polarized calculations. The focus is on exploring their structural, electronic, magnetic, elastic, mechanical, and thermodynamic properties in the hope of identifying attractive properties for potential technological applications. It has been found that Fe2CuB and Fe2ZnB are thermodynamically, dynamically, and mechanically stable. They are predicted to be ferromagnetic ductile and exhibit a degree of elastic anisotropy. Moreover, examination of the density of states (DOS) curves reveals the metallic and magnetic properties of the materials. Fe2CuB and Fe2ZnB exhibit total magnetic moment values of 7.77 μB and 6.47 μB, respectively. The significant difference in Curie temperatures between Fe2CuB and Fe2ZnB, with values of 1194 K and 310 K, highlights distinct thermal stability characteristics inherent in these MAX phases. We have discovered that Fe2ZnB is a promising candidate for high-temperature spintronic applications, while Fe2CuB may be suitable as a material for thermal barrier coatings (TBC) due to its low minimum thermal conductivity.