Multi-phase thermoelectric materials are mainly investigated these days due to their potential of lattice thermal conductivity reduction by scattering of phonons at interfaces of the involved phases, leading to the enhancement of expected thermoelectric efficiency. On the other hand, electronic effects of the involved phases on thermoelectric performance are not always being considered, while developing new multi-phase thermoelectric materials. In this chapter, electronic effects resulting from controlling the phase distribution and morphology alignment in multi-phase composite materials is carefully described using the general effective media (GEM) method and analytic approaches. It is shown that taking into account the specific thermoelectric properties of the involved phases might be utilized for estimating expected effective thermoelectric properties of such composite materials for any distribution and relative amount of the phases. An implementation of GEM method for the IV-VI (including SnTe and GeTe), bismuth telluride (Bi 2 Te 3 ), higher manganese silicides (HMS) and half-Heusler classes of thermoelectric materials is described in details.