Understanding the optical properties and phonon thermodynamic features of materials enables the determination of their viability for optoelectronic applications including optical-based gas sensors. Metal halide perovskites ABX 3 as well as their mixed alloys can be attractive in applications of this kind. In particular, the formation of alloyed perovskites A[B x B' 1−x ]X 3 modulates the functional characteristics that can overtake the single-halide ABX 3 . To this end, we use the first-principles simulations to model the effect of B-site alloying on the optical and phonon properties of cubic Cs[Pb x Sn 1−x ]I 3 (x = 0.75, 0.50, and 0.25). We identified the systematic shifts of optical properties as a function of alloying concentration, such as dielectric constants, refraction indices, and absorption coefficients. It was also found that a linear correlation exists between the optical constants and the band gaps of these materials, which satisfies the Penn model. Modeling of phonons in Cs[Pb x Sn 1−x ]I 3 showed that dissipating the dynamically unstable phonons can be feasible at a carefully chosen alloying concentration, which are originally present in their single-halide Pb-and Sn-ends. Our findings pave a way to optimize the alloying conditions of the alloyed perovskite systems of interest for tuning their optical and phonon stability characteristics.