Investigations of phase relations in the ternary system Ti-Fe-Sb show that the single-phase region of the Heusler phase is significantly shifted from stoichiometric TiFeSb (reported previously in the literature) to the Fe-rich composition TiFeSb. This compound also exhibits Fe/Ti substitution according to TiFeSb (-0.17 ≤ x ≤ 0.25 at 800 °C). Its stability, crystal symmetry and site preference were established by using X-ray powder techniques and were backed by DFT calculations. The ab initio modeling revealed TiFeSb to be the most stable composition and established the mechanisms behind Fe/Ti substitution for the region TiFeSb, and of the Fe/Co substitution within the isopleth TiFeSb-TiCoSb. The calculated residual resistivity of TiFeSb, as well as of the isopleths TiFeSb-TiCoSb, TiFeCoSb-TiCoSbSn and TiFeCoSb-TiCoSbSn, are in a good correlation with the experimental data. From magnetic measurements and Fe Mössbauer spectrometry, a paramagnetic behavior down to 4.2 K was observed for TiFeSb, with a paramagnetic Curie-Weiss temperature of -8 K and an effective moment of 1.11μ per Fe. Thermoelectric (TE) properties were obtained for the four isopleths TiFeSb, TiFeSb-TiCoSb, TiFeCoSb-TiCoSbSn and TiFeCoSb-TiCoSbSn by measurements of electrical resistivity (ρ), Seebeck coefficient (S) and thermal conductivity (λ) at temperatures from 300 K to 823 K allowing the calculation of the dimensionless figure of merit (ZT). Although p-type TiFeSb indicates a semi-conducting behavior for the Fe rich composition (x = -0.133), the conductivity changes to a metallic type with increasing Ti content. The highest ZT = 0.3 at 800 K was found for the composition TiFeSb. The TE performance also increases with Fe/Co substitution and reaches ZT = 0.42 for TiCoFeSb. No further increase of the TE performance was observed for the Sb/Sn substituted compounds within the sections TiFeCoSb-TiCoSbSn and TiFeCoSb-TiCoSbSn. However, ZT-values could be enhanced by about 12% via the optimization of the preparation route (ball-mill conditions and heat treatments).