With the ongoing effort to obtain mononuclear 3d-transition-metal complexes that manifest slow relaxation of magnetization and, hence, can behave as single-molecule magnets (SMMs), we have modeled 14 Fe(III) complexes based on an experimentally synthesized (PMe₃)₂FeCl₃ complex [J. Am. Chem. Soc. 2017, 139 (46), 16474–16477], by varying the axial ligands with group XV elements (N, P, and As) and equatorial halide ligands from F, Cl, Br, and I. Out of these, nine complexes possess large zero field splitting (ZFS) parameter D in the range of −40 to −60 cm^–1. The first-principles investigation of the ground-spin state applying density functional theory (DFT) and wave function-based multiconfigurations methods, e.g., SA-CASSCF/NEVPT2, are found to be quite consistent except for few delicate cases with near-degenerate spin states. In such cases, the hybrid B3LYP functional is found to be biased toward high-spin (HS) state. Altering the percentage of exact exchange admixed in the B3LYP functional leads to intermediate-spin (IS) ground state consistent with the multireference calculations. The origin of large zero field splitting (ZFS) in the Fe(III)-based trigonal bipyramidal (TBP) complexes is investigated. Furthermore, a number of complexes are identified with very small ΔG_HS–IS^adia. values indicating the possible spin-crossover phenomenon between the bistable spin states.