Magnesium silicides are favorable thermoelectric materials considering resource abundance and cost. Chromium (Cr) doping in magnesium silicides has not yet been explored. Using first-principles calculations, we have studied the stability of Mg2Si with chromium (1.85, 3.7, 5.55 and 6.25%Cr) and tin (12.5 and 50%Sn). Three Mg2Si compounds doped with Sn, (Sn+Bi), and (Sn+Bi+Cr) are used to explain doping effects on thermoelectric performance. Notably, Cr behaves non-magnetically for ≤ 2%Cr, after which ferromagnetic ordering is favored (≤12.96%Cr), despite its elemental antiferromagnetic state. With alloying of Sn (70.4%), Mg2Si remains an indirect-bandgap semiconductor, but adding small amounts of Bi (3.7%) increases the carrier concentration such that electrons occupy conduction bands, making it a degenerate semiconductor. Mg2Si0.296Sn0.666Bi0.037 is found to give the highest thermoelectric figure of merit (ZT) and power factor (PF) at 700 K, i.e., 1.75 and 7.04 mW m −1 K −2 , respectively. Adding small %Cr decreases ZT and PF to 0.78 and 4.33 mW m −1 K −2 , respectively. Such a degradation in TE performance is attributed to two factors: (i) uniform doping acting as an electron acceptor, decreasing conduction, and (ii) the loss of low-lying conduction band degeneracy with doping, decreasing the Seebeck coefficients. A study of configurations of Cr doping suggests that Cr has a tendency to form clusters inside the lattice which play a crucial role in tuning the magnetic and TE performance of doped-Mg2Si compounds.