Carbon redistribution is known to occur during room temperature aging of Fe-C martensite. One of the proposed mechanisms in the literature by which carbon redistributes is spinodal decomposition, a thermodynamically driven reaction in which the alloy undergoes separation into carbon-rich and carbon-poor regions, giving rise to modulations in carbon concentration. Despite the substantial experimental evidence supporting the occurrence of spinodal decomposition in Fe-C, its theoretical formulation requires attention. In the present study, a theoretical framework based on the regular solution model is built for evaluating the thermodynamics of the Fe-C system, with particular emphasis on the interstitial nature of carbon atoms within the ferrite lattice. Assuming a defect-free lattice, the model explains a miscibility gap in the Fe-C system. The limitations of the current model are critically evaluated. © 2019, The Author(s).