This paper investigates null control within the transmit–receive beampattern of Frequency Diverse Array-Multiple-Input and Multiple-Output (FDA-MIMO) systems, presenting a novel phase-only optimization approach for achieving null control in FDA-MIMO. We employ an alternating multiplier framework, which transforms the intricate and inherent constant modulus constraint and numerous amplitude constraints in optimization into more manageable projection problems. By employing a phase-only optimization strategy, the intricate hardware and computational burdens associated with null control in FDA-MIMO are effectively alleviated. The simulation results indicate that the algorithm proposed in this paper exhibits excellent null control ability while precisely maintaining constant modulus constraints, and it possesses an extremely high computational efficiency.