Herein, an analytical study of a strongly correlated quantum dot‐based thermoelectric particle‐exchange heat engine for both finite and infinite on‐dot Coulomb interaction is presented. Employing Keldysh's nonequilibrium Green's function formalism for different decoupling schemes in the equation of motion, the thermoelectric properties within the nonlinear transport regime have been analyzed. Initially, Hubbard‐I approximation has been used to study the quantum dot level position (), thermal gradient (), and on‐dot Coulomb interaction (U) dependence of the thermoelectric properties. Furthermore, as a natural extension, a decoupling beyond Hubbard‐I (Lacroix approximation) with infinite‐U limit (strong on‐dot Coulomb repulsion) has been used to provide additional insight into the operation of a more practical quantum dot heat engine. Within this infinite‐U limit, the role of the symmetric dot‐reservoir tunneling (Γ) and external serial load resistance (R) in optimizing the performance of the strongly correlated quantum dot heat engine is examined. The infinite‐U results show a good quantitative agreement with recent experimental data for a quantum dot coupled to two metallic reservoirs.