To reveal the energetic sequence of the alloy phases in the Co–Au system, the latticeconstants, cohesive energies, and bulk modulus of the fcc Au, hcp Co, the B1, B2, andL10 structured CoAuphases, and the D03, L12,and D019 structured Co3Au and CoAu3 phases, respectively, are acquired by first-principles calculations within the generalized-gradientapproximation (GGA) as well as within the local density approximation (LDA). Inaddition, the magnetic moment of the Co atom in the studied phases are also calculated.To further examine the structural stability, the elastic constants of the studied phases arecalculated and the results suggest that the fcc-type structures could be elastically stable atCo/Au = 1:3, 1:1, and 3:1, whereas the hcp-type structures could be stable atCo/Au = 1:3 and 3:1. Moreover, the spatial valence charge density (SVCD) and spin density of thestudied phases are also calculated to clarify the physical origin of the structuralstability. It turns out that, in the relatively stable phases, the high SVCDs mostlydistribute between the similar atoms, thus forming the attractive covalent bonding tostabilize the respective structures, and that the spin density may also play animportant role in influencing the stability of the ferromagnetic metastable phases.