Electronic structure calculations are used to examine the magnetic properties of Fe2P-based alloys and the mechanisms through which the Curie temperature and magnetocrystalline anisotropy can be optimized for specific applications. It is found that at elevated temperatures the magnetic interaction in pure Fe2P develops a pronounced two-dimensional character due to the suppression of the magnetization in one of the sublattices, but the interlayer coupling is very sensitive to band filling and structural distortions. This feature suggests a natural explanation for the observed sharp enhancement of the Curie temperature by alloying with multiple elements, such as Co, Ni, Si, and B. The magnetocrystalline anisotropy is also tunable by electron doping, reaching a maximum near the electron count of pure Fe2P. These findings enable the optimization of the alloy content, suggesting coalloying of Fe2P with Co (or Ni) and Si as a strategy for maximizing the magnetocrystalline anisotropy at and above room temperature.