Heavy p-elements-rare earth element tellurides are important multifunctional materials with thermoelectric, magnetic, optical, topological insulating, and other properties. This paper presents the results of a study of phase equilibria in the Tl2Te-TlBiTe2-TlGdTe2 system and the magnetic properties of the TlBi1−xGdxTe2 solid solutions. A diagram of solid-phase equilibria of the indicated system has been constructed. According to the data obtained, it is characterized by the formation of wide areas of homogeneity based on the initial compounds of the TlBiTe2-TlGdTe2 boundary system and a continuous series of solid solutions along the Tl9BiTe6-Tl9GdTe6 section (δ-phase). It has been shown that the homogeneity regions of the TlBiTe2 (β1) and TlGdTe2 (β2) compounds form a narrow (1-2 mol.%) band extending to 35 and 10 mol.% TlGdTe2 and TlBiTe2, respectively, along the boundary TlBiTe2-TlGdTe2 system while the homogeneity area of the δ-phase significantly extends into the compositions region rich in Tl2Te. Based on powder diffraction patterns, the phase compositions of the alloys and the crystallographic parameters of the identified solid solutions were determined. The work also presents several polythermal sections, isothermal sections at 760 and 800 K of the phase diagram, as well as a projection of the liquidus and solidus surface of the Tl2Te-Tl9BiTe6-Tl9GdTe6 subsystem. Magnetic properties of TlBi1−xGdxTe2 samples were investigated by magnetization and Electron Paramagnetic Resonance (EPR) measurements. It was found that these samples behave as a Curie-Weiss paramagnet containing Gd3+ ions with no indications of magnetic ordering or freezing down to 2 K.