In present paper a study has been carried out to analyze the thermophysical properties and microstructural behavior of CaO.Fe2O3.A binary eutectic sample material is taken in the ratio of 22:78 by Wt. % in mixed powder form prepared manually. The sample powder is heat-treated at 950°C, 1050°C, and 1150°C for three hour holding time in programmable furnace. Further, the characterization is done with the help of different characterization technique like DSC, XRD, TGA to analyze its thermophysical properties and microstructural changes. This studies became necessary to analyze and interpret the data collected from prototype material found from nuclear severe accident occurred in the past. As heat transfer phenomena plays the crucial role in nuclear severe accident due to high temperature gradient developed inside the reactor vessel. Hence a non-prototype material is needed to study about heat transfer phenomena and in context of this study the material CaO.Fe2O3 is being considered. This study bears the first stage to validate the given material is simulant material. In the current study, heat absorbed, phase analysis, unit cell volume, melting point, crystallite size, dislocation density, and weight loss have been reported and analyzed.