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Based on the density‐functional theory, the first‐principles spin‐polarized calculations of the electronic structure and thermoelectric characteristics of Ba2LuTa0.75TM0.25O6 are presented. The results show that Ba2LuTa0.75(Co and Cr)0.25O6 materials exhibit a complete half‐metallic (HM) characteristic with a total spin moment of 2.00 and 1.00 μB and an HM flip gap of (Eg↑ = 0.22 eV) and (Eg↓ = 0.51 eV), respectively, whereas Ba2LuTa0.75(Fe and Mn)0.25O6 materials exhibit a metallic behavior. The prediction of HM ferromagnetism with spin polarization makes these materials a good candidate for spintronics applications. Moreover, thermoelectric properties of the materials under focus are examined and discussed using a transport quasi‐classical theory.