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A star that falls inside the Square of Pegasus, Phi Pegasi is in the southeastern quadrant of the Square, a matter of some 6.5° from the corner star Algenib. This is a red giant, but at a distance of 437 light years it is barely visible to the naked eye from Earth. Its brightness varies over time, and as it is already on the very edge of naked eye visibility, for some observers the star will at times be too faint to detect.

Structurally Phi Pegasi is similar to the more familiar Betelgeuse in Orion, the old and giant red shell of a star that has undergone a supernova. Also like Betelgeuse, Phi Pegasi is a semiregular variable; it grows brighter and fainter over time, but those shifts do not follow a simple regular pattern.

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