A recently discovered phase of orthorhombic iron carbide o-Fe 7 C 3 [Prescher et al., Nat. Geosci. 8, 220 (2015)] is assessed as a potentially important phase for interpretation of the properties of the Earth's core. In this paper, we carry out first-principles calculations on o-Fe 7 C 3 , finding properties to be in broad agreement with recent experiments, including a high Poisson's ratio (0.38). Our enthalpy calculations suggest that o-Fe 7 C 3 is more stable than Eckstrom-Adcock hexagonal iron carbide (h-Fe 7 C 3 ) below approximately 100 GPa. However, at 150 GPa, the two phases are essentially degenerate in terms of Gibbs free energy, and further increasing the pressure towards Earth's core conditions stabilizes h-Fe 7 C 3 with respect to the orthorhombic phase. Increasing the temperature tends to stabilize the hexagonal phase at 360 GPa, but this trend may change beyond the limit of the quasiharmonic approximation.