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The structural, elastic, electronic and magnetic properties of cubic double perovskite Pb2FeTaO6 have been investigated using self-consistent ab-initio calculation through full-potential linearized augmented plane wave (FP-LAPW) method within the frame work of the spin-polarized density functional theory (DFT), considering generalized gradient approximation (GGA) described by Perdew–Burke–Ernzerhof (PBE), GGA+U and mBJ-GGA. Pb2FeTaO6 is found as ductile material from the elastic calculations. The obtained magnetic results show that Pb2FeTaO6 is stable in the ferromagnetic state; the electronic properties show a half-metallic behavior using GGA and GGA+U and a semiconducting one with TB-mBJ, magnetic moments of each atom are also discussed in this study. These results confirm the use of this compound in spintronic devices.