A new ternary Fe-based alloy catalyst FeCuP applied to decompose PH3 was prepared with low-cost material by chemical reduction deposition method. The properties of it were characterized by XRD, ICP and SEM. Its catalytic activity on the decomposition of PH3 and the decomposition conditions were studied. FeCuP alloy exhibits high thermal stabilities and high catalytic activity. Using it as catalyst, the decomposition temperature of phosphine decreases from over 800 ℃ to 400-500 ℃. The decomposition rate of phosphine achieved 100%.