In order to investigate the phase stability of equiatomic FeN compounds and the structuredependent magnetic properties, the electronic structure and total energy of FeN with NaCl, ZnS and CsCl structures and various magnetic configurations are calculated using the firstprinciple TB-LMTO-ASA method. Among all the FeN phases considered, the antiferromagnetic (AFM) NaCl structure with q = (0, 0, π) is found to have the lowest energy at the theoretical equilibrium volume. However, the ferromagnetic (FM) NaCl phase lies only 1mRy higher. The estimated equilibrium lattice constant a th =4.36Å for nonmagnetic (NM)ZnS-type FeN agrees quite well with the experimental value of a exp =4.33Å but for AFM NaCl phase the a th =4.20Å is 6.7% smaller than the value observed experimentally. ForZnS-type FeN, metastable magnetic states are found for volumes larger than the equilibrium value. With the analysis of atom-and orbital-projected density of states (DOS) and orbital-resolved crystal orbital Hamilton population (COHP) the iron-nitrogen interactions in NM-ZnS, AFM-NaCl and FM-CsCl structures are discussed. The leading Fe-N interaction is due to the d-p iron-nitrogen hybridization while considerable s-p and p-p hybridizations are also observed in all three phases. The iron magnetic moment µ F e in FeN is found to be highly sensitive to the nearest-neighboring Fe-N distance. In particular, the µ F e in ZnS andCsCl structures show an abrupt drop from the value of about 2µ B to zero with the reduction of the Fe-N distance.