We introduce the NASA/IPAC Extragalactic Database (NED) Local Volume Sample (NED-LVS), a subset of ∼1.9 million objects with distances out to 1000 Mpc. We use UV and IR fluxes available in NED from all-sky surveys to derive physical properties, and estimate the completeness relative to the expected local luminosity density. The completeness relative to near-IR luminosities (which traces a galaxy’s stellar mass) is roughly 100% at D < 30 Mpc and remains moderate (70%) out to 300 Mpc. For brighter galaxies (≳L
*), NED-LVS is ∼100% complete out to ∼400 Mpc. When compared to other local Universe samples (GLADE and HECATE), all three are ∼100% complete below 30 Mpc. At distances beyond ∼80 Mpc, NED-LVS is more complete than both GLADE and HECATE by ∼10%–20%. NED-LVS is the underlying sample for the NED gravitational-wave follow-up service (NED-GWF), which provides prioritized lists of host candidates for GW events within minutes of alerts issued by the LIGO–Virgo–KAGRA collaboration. We test the prioritization of galaxies in the volume of GW170817 by three physical properties, where we find that both stellar mass and inverse specific star formation rate place the correct host galaxy in the top 10. In addition, NED-LVS can be used for a wide variety of other astrophysical studies: galaxy evolution, star formation, large-scale structure, galaxy environments, and more. The data in NED are updated regularly, and NED-LVS will be updated concurrently. Consequently, NED-LVS will continue to provide an increasingly complete sample of galaxies for a multitude of astrophysical research areas for years to come.