Phase relations of the Fe–Cr–Er system in the temperature range 973–1273 K were experimentally investigated using equilibrated alloys. The isothermal sections consisted of 9 single-phase regions, 16 two-phase regions, and 8 three-phase regions at 973 K and 1073 K. At 1273 K, the σ phase disappeared, and liquid appeared. All single phases had a solid solubility range that showed a downward trend with a decrease in temperature. The homogeneity range of the ErFe12−xCrx ternary compound was determined to be x = 1.8–4.5. The more accurate phase relations obtained in this work can better guide the preparation of Fe–Cr–Er alloys in actual production.