Existing thermodynamic descriptions of the whole Cr–Fe–P system are insufficiently accurate for understanding the thermodynamic behavior of the Cr–Fe–P materials during the manufacturing process. To construct a more precise and consistent thermodynamic database of the Cr–Fe–P system, thermodynamic modeling of the Cr–P and Cr–Fe–P systems was conducted using the CALculation of PHAse Diagrams (CALPHAD) approach based on critical evaluation of the experimental data. The modified quasichemical model and compound energy formalism were employed to describe the liquid and solid solutions, respectively. The Gibbs energies of stoichiometric compounds Cr3P(s), Cr2P(s), CrP(s), and CrP2(s) were carefully determined based on reliable experimental data. The ternary (Cr,Fe)3P, (Cr,Fe)2P, and (Cr,Fe)P phosphides were modeled as solid solutions considering mutual substitution between Cr and Fe atoms. In addition, the phase equilibria of BCC_A2 and FCC_A1 solutions and the liquid phase of the ternary Cr–Fe–P system were also optimized for more accurate descriptions of existing phase equilibria and thermodynamic properties data. As an application of the present database, the experimentally unexplored thermodynamic properties and phase diagrams of the Cr–Fe–P system are predicted.