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We have synthesized a novel composite material, FeSb2 alloy with red phosphorus (P) dispersed in a conductive carbon matrix, using high-energy ball milling (HEBM). The introduction of red P into FeSb2 alloy led to a formation of Sb phase along with FeSb2 phase due to the difference of binding energy between the elements. The morphology and structure were analyzed by transmission electron microscopy (TEM) and X-ray diffraction (XRD). The active components (Sb and P) react with Li+ ions while inactive element (Fe) and carbon matrix act as a metal framework to support the electrochemically active Sb and as a buffer to reduce volume change during cycling, respectively. Among electrodes (FeSb2, FeSb2-P, FeSb2-P@C), the FeSb2-P@C electrode demonstrated high reversible capacity of 400 mAh g-1 with a good capacity retention of ~68% at 50 cycles and high rate reversible capacity of ~470 mAh g-1 at a current rate of 3000 mA g-1.