The structural, phase transition, elastic, lattice dynamic and thermodynamic properties of rare-earth compounds PrP and PrAs with NaCl (B1), CsCl (B2), ZB (B3), WC (B-h) and CuAu (L1(0)) structures are investigated using the first principles calculations within the generalized gradient approximation (GGA). For the total-energy calculation, we have used the projected augmented plane-wave (PAW) implementation of the Vienna Ab-initio Simulation Package (VASP). Specifically, some basic physical parameters, e.g. lattice constants, bulk modulus, elastic constants, shear modulus, Young's modulus and Poison's ratio, are predicted. The obtained equilibrium structure parameters are in excellent agreement with the experimental and theoretical data. The temperature and pressure variations of the volume, bulk modulus, thermal expansion coefficient, heat capacity and Debye temperature are calculated in wide pressure and temperature ranges. The phonon dispersion curves and corresponding one-phonon density of states (DOS) for both compounds are also computed in the NaCl (B1) structure. (C) 2011 Elsevier B.V. All rights reserved.