We report the magnetic phase diagram of Mn1−xFexPSe3 which represents a random magnet system of two antiferromagnetic systems with mixed spin, mixed spin anisotropies, mixed nearest neighbor magnetic interactions and mixed periodicities in their respective antiferromagnetic structure. Bulk samples of Mn1−xFexPSe3 have been prepared and characterized phase pure by powder X-ray and neutron diffraction and X-ray fluorescence. Nature and extent of magnetically ordered state has been established using powder neutron diffraction, dc magnetic susceptibility and heat capacity. Long-range magnetic ordering exists between x = 0.0 and 0.25 (MnPSe3-type) and between x = 0.875 and 1 (FePSe3-type). A short-range magnetic order with existence of both MnPSe3-and FePSe3-type nano-clusters has been established between x = 0.25 and 0.875. Irreversibility in dc magnetization measurements, also characterized by isothermal and thermoremanent magnetization measurements suggest similarities to magnetic nanoparticles where uncompensated surface spins result in a non-zero TRM and IRM response, further reinforcing existence of magnetic nano-clusters or domains. A spin glass state, observed in analogous Mn1−xFexPS3, has been ruled out and formation of nano-clusters exhibiting both ordering types results from unusually high anisotropy values. The effect of ligand contributions to the spin-orbit interactions has been suggested as a possible explanation for high D values in these compounds.