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Based on the first-principles approach, we have studied the martensitic, electronic, magnetic, thermal, and thermoelectric properties of Ni2Mn1-xGa1-yFex+y. The substitution of Fe for Ga in Ni2MnGa compound makes the magnetic moment. Debye temperature and heat capacity are sensitive to the doping of Fe atom. The computed transport parameters are evaluated and influenced by the substitution on Mn and/or Ga sites. The slight reduction of both the total magnetic and the thermal expansion coefficient of systems is observed in the case of diminution Mn concentration. Regard with the phase stability, the Fe-doped Ni2MnGa on Mn and/or Ga sites reduces the stability of austenite which transformed to the martensitic phase. The thermoelectric parameters are computed for a temperature range of 200–900 K intended to check the potential of these alloys for applications in thermoelectric devices. The doping on Ni2MnGa with transition metals could be an effective strategy to tuning c/a ratio of the martensite phase. [ABSTRACT FROM AUTHOR]