The current paper investigates guaranteed‐cost output consensus analysis and design problems for high‐order linear time‐invariant singular multi‐agent systems with constant time delays, which can realize suboptimal output consensus control. Firstly, a new output consensus protocol with a suboptimal index and a single delay is proposed to realize the tradeoff design between output consensus regulation performances and control energy consumptions. Then, sufficient conditions for guaranteed‐cost output consensus and consensualization are derived in terms of linear matrix inequalities by a combined tool from the Lyapunov‐Krasovskii approach and the free‐weighting matrix technique, respectively, and the output consensus function is determined on the basis of the First Equivalent Form. Finally, a numerical example is performed to demonstrate the effectiveness and conservativeness of theoretical results.