Based on first-principles FLAPW-GGA calculation, we have investigated electronic structure of newly discovered oxygen-free 38K superconductor Ba 1-x K x Fe 2 As 2 in comparison with parent phase -tetragonal ternary iron arsenide BaFe 2 As 2 . The density of states, magnetic properties, near-Fermi bands compositions, together with Sommerfeld coefficients γ and molar Pauli paramagnetic susceptibility χ are evaluated. The results allow us to classify these systems as quasi-two-dimensional ionic metals, where the conduction is strongly anisotropic, only happening on the (Fe-As) layers.