Abstract: A two-dimensional (2D) binary colloidal system consisting of interacting dipoles is investigated using an analytical approach. Within the harmonic approximation we obtain the phonon spectrum of the system as a function of the composition, dipole-moment ratio, and mass ratio between the small and big particles. Through a systematic analysis of the phonon spectra we are able to determine the stability region of the different lattice structures of the colloidal alloys. The gaps in the phonon frequency spectrum, the optical frequencies in the long-wavelength limit, and the sound velocity are discussed as well. Using the modified Lindemann criterion and within the harmonic approximation we estimate the melting temperature of the sublattice generated by the big particles.