First-principles, density-functional based electronic structure calculations are carried out for MgC͑Ni 1−x Co x ͒ 3 alloys over the concentration range 0 ഛ x ഛ 1, using Korringa-Kohn-Rostoker coherentpotential approximation method in the atomic sphere approximation. The self-consistent calculations are used to study the changes as a function of x in the equation of state parameters, total and partial densities of states, magnetic moment and the on-site exchange interaction parameter. To study the magnetic properties as well as its volume dependence, fixed-spin moment calculations in conjunction with the phenomenological Landau theory are employed. The salient features that emerge from these calculations are ͑i͒ a concentration independent variation in the lattice parameter and bulk modulus at x ϳ 0.75 with an anomaly in the variation of the pressure derivative of bulk modulus, ͑ii͒ the fixed-spin moment based corrections to the overestimated magnetic ground state for 0.0ഛ x ഛ 0.3 alloys, making the results consistent with the experiments, and ͑iii͒ the possibility of multiple magnetic states at x ϳ 0.75, which, however, requires further improvements in the calculations.