The structural, elastic, and electronic properties of multi-performance ternary phase MgCaSi have been investigated by density functional theory. The present results show that MgCaSi is thermodynamically and mechanically stable. The derived elastic constants indicate that the c axis is the easiest to compress, followed by the a and b axes. The bulk, shear, and Young’s moduli of MgCaSi are higher than these of the mother phase Ca2Si, demonstrating that the hardness of MgCaSi has been favorably improved. The higher Debye temperature of MgCaSi also indicates stronger interatomic interactions and better thermal conductivity. Although MgCaSi exhibits less brittleness based on Pugh’s empirical formula, Poisson’s ratio, and the Cauchy pressure, orthorhombic MgCaSi possesses lower anisotropy than Ca2Si based on several criteria. To reveal the bonding nature of MgCaSi, the electronic structures are further investigated. It is found that the strong Si−Si bond plays a significant role for structural stability and elastic properties.