| Summary: | The effect of a high magnetic field up to 12 T and a high hydrostatic pressure up to 12 kbar on the stability of the metamagnetic isostructural phase transition and the multicaloric effect of Fe<sub>49</sub>Rh<sub>51</sub> alloy has been studied. The phase transition temperature shifts under the magnetic field and the hydrostatic pressure on with the rates of <i>dT<sub>m</sub>/μ</i><sub>0</sub><i>dH</i> = −9.2 K/T and <i>dT<sub>m</sub>/dP</i> = 3.4 K/kbar, respectively. The magnetocaloric and multicaloric (under two external fields) effects were studied via indirect method using Maxwell relations. The maximum of the entropy change is increasing toward the high temperature region from ∆<i>S</i>~2.5 J/(kg K) at 305 K to ∆<i>S</i>~2.7 J/(kg K) at 344 K under simultaneously applied magnetic field of 0.97 T and hydrostatic pressure of 12 kbar. The obtained results were explained using the first-principle calculations of Gibbs energies and the phonon spectra of the ferromagnetic and the antiferromagnetic phases. Taking into account the low concentration of antisite defects in the calculation cells allows us to reproduce the experimental <i>dT<sub>m</sub>/dP</i> coefficient.
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