The Platinum-Barium alloy is a desirable option for cathodes in magnetron devices due to its superior emission characteristics and work function. When it comes to these kinds of metal alloy cathodes, different deformation characteristics are crucial. Laves phase C15 BaPt2, is regarded as a strong contender for structural applications at high temperatures. Laves phases—typical intermetallic phases—are attractive prospects in current research. There is very limited information available on these. To advance computational studies on this alloy system, an embedded-atom method (EAM) potential for the Pt-Ba alloy system has been parameterized using the force-matching algorithm, utilizing density-functional theory (DFT) data sets. A list of fundamental properties has been calculated using molecular dynamics (MD) simulation utilizing the developed EAM potential. Therefore, these properties have been compared with DFT-based analysis in order to examine the performance of the potential. Since the behaviour of these compounds under asymmetric cyclic loading indicates its use in high-strength engineering applications, the ratcheting characteristics of the crystal BaPt2 have been investigated. Over a temperature range of 300 K to 1600 K, the deformation behavior of the single crystal BaPt2 compound has been studied for stress ratios of -0.2, -0.4, and -0.6 under asymmetric cyclic loading. It has been noted that strain accumulation increases as the magnitude of the stress ratio decreases, and ratcheting strain increases as the temperature rises.