Thermodynamic descriptions of the ternary Fe-B-V system and its binary sub-system B-V, are developed using experimental thermodynamic and phase equilibrium data from the literature. The thermodynamic parameters of the other binaries, Fe-V and Fe-B, are taken from earlier assessments slightly modifying the Fe-V description. The work is in the context of a new Fe-B-X (X = Cr, Ni, Mn, V, Si, Ti, C) database. The solution phases are described using substitutional solution model. The borides are treated as stoichiometric or semi-stoichiometric phases and described with two-sublattice models.