Ab initio thermodynamic properties, equation of state and phase stability of periclase (MgO, B1-type structure) have been investigated in a broad P-T range (0-160 GPa; 0-3000 K) in order to set a model reference system for phase equilibria simulations under deep Earth conditions. Phonon dispersion calculations performed on large supercells using the finite displacement method and in the framework of quasi-harmonic approximation highlight the performance of the Becke three-parameter Lee-Yang-Parr (B3LYP) hybrid density functional in predicting accurate thermodynamic functions (heat capacity, entropy, thermal expansivity, isothermal bulk modulus) and phase reaction boundaries at high pressure and temperature. A first principles Mie-Grüneisen equation of state based on lattice vibrations directly provides a physically-consistent description of thermal pressure and P-V-T relations without any need to rely on empirical parameters or other phenomenological formalisms that could give spurious anomalies or uncontrolled extrapolations at HP-HT. The post-spinel phase transformation, Mg 2 SiO 4 (ringwoodite) = MgO (periclase) + MgSiO 3 (bridgmanite), is taken as a computational example to illustrate how first principles theory combined with the use of hybrid functionals is able to provide sound results on the Clapeyron slope, density change and P-T location of equilibrium mineral reactions relevant to mantle dynamics.