Fe and its alloys exhibit magnetic properties that range from simple ferrom
agnetic ordering in the bce phase to moment-volume instabilities in the fee
phase. In the present study we give an account of the stabilities of the s
tructural phases of Fe and its alloys and discuss how the stability of a pa
rticular phase is related to the magnetic properties. We discuss the pressu
re-temperature phase diagram of Fe and the differences between the Gibbs fr
ee energies of its various structural phases. We extend the discussion to f
ee Fe alloys and present results on polarized paramagnetic neutron scatteri
ng experiments in Fe-rich Fe-Ni. In particular we show evidence for the pre
sence of transitions from low-spin to high-spin state and the reversal of t
he sign of the energy difference between these states as the fee phase gain
s stability. The latter effect becomes a crucial entity in determining the
phase stability of Fe alloys.