With rapid developments in big data and artificial intelligence technologies, materials informatics has become a new paradigm of materials science and engineering. In this review, the progress of modeling studies of phase stability in alloys is presented, with particular attention given to the development of the paradigm from traditional computational materials science (CMS) to materials informatics. The features of CMS models for phase stability studies are compared with those of data-driven approaches. The advantages of data-driven modeling in the framework of materials informatics are revealed. The approaches for developing interpretable machine learning, which has been mainly integrated with the developed CMS models and material science theories, are also discussed. Finally, the prospects for data-driven materials design based on the stability control of the dominant phases with regards to performance are proposed.