The first figure of merit for environmental barrier coating (EBC) materials was designed through a ranking system for material properties pertaining to established EBC failure modes in service. Seven past, present, and novel EBC candidate materials were used in the figure of merit design: SiO2, Ba0.75Sr0.25Al2Si2O8 (BSAS), HfSiO4, Yb2Si2O7, Yb2SiO5, Yb2O3, and YbPO4. Utilizing compiled data from the literature, the presented figure of merit verified Yb2Si2O7 as the state‐of‐the‐art candidate with optimal EBC properties and inferred that YbPO4 should be considered as a potentially viable EBC material candidate. The figure of merit allows for a holistic comparison of EBC candidates and informs experimental and computational search efforts for next‐generation complex EBCs. Clear knowledge gaps found through this work include CaO–MgO–Al2O3–SiO2 (CMAS)‐resistant coatings, EBC lifetimes before delamination, and oxidant diffusion rates in relevant EBC microstructures. It was shown that while some materials show promise for solving a single key failure mode for EBCs (i.e., CMAS reactivity), a community‐wide goal should be placed on materials development to achieve acceptable resistance against all major failure modes, which are interconnected. Novel compositionally complex EBC materials, in addition to layered EBC architectures, show promise for the optimization of material properties for long‐lifetime EBCs in combustion environments.