Oxidative dehydrogenation (ODH) of light alkanes to produce C2‐C3 olefins is a promising alternative to conventional steam cracking. Perovskite oxides are emerging as efficient catalysts for this process due to their unique properties such as high oxygen storage capacity (OSC), reversible redox behavior, and tunability. Here, we explore SrFeO3 (A = Ba, Sr) bulk perovskites for the ODH of ethane and propane under chemical looping conditions (CL‐ODH). The higher OSC and oxygen mobility of SrFeO3 perovskite contributed to its higher activity but lower olefin selectivity than its Ba counterpart. However, SrFeO3 perovskite is superior in terms of cyclic stability over multiple redox cycles. Transformations of the perovskite to reduced phases including brownmillerite A2Fe2O5 were identified by X‐ray diffraction (XRD) as a cause of performance degradation, which was fully reversible upon air regeneration. A pre‐desorption step was utilized to selectively tune the amount of lattice oxygen as a function of temperature and dwell time to enhance olefin selectivity while suppressing CO2 formation from the deep oxidation of propane. Overall, SrFeO3 exhibits promising potential for the CL‐ODH of light alkanes, and optimization through surface and structural modifications may further engineer well‐regulated lattice oxygen for maximizing olefin yield.