Thermoelectric Mg3+δ(Sb, Bi)2 Zintls have attracted significant attention because of their high‐performing, eco‐friendly, and cost‐effective features, but their thermoelectric properties still need improvement for application to practical devices. Here an outstanding ZT of ≈1.87 at 773 K and a high average ZT of ≈1.2 in n‐type Y‐doped Mg3.2Sb1.5Bi0.49Se0.01 are reported, both of which rank as top values among the reported literature. First‐principles calculations indicate that substituting the Mg site with Y shifts the Fermi level into the conduction band and simultaneously narrows the bandgap, both strengthening the n‐type semiconducting feature and boosting the electron carrier density of Mg3.2Sb1.5Bi0.49Se0.01. A high power factor of ≈21.4 µW cm–1 K–2 is achieved at 773 K in Mg3.18Y0.02Sb1.5Bi0.49Se0.01, benefiting from the rationally tuned carrier density of ≈7.7 × 1019 cm–3 at this temperature. In addition, the doped Ys act as point defects to cause significant lattice distortions and strains, confirmed by comprehensive micro/nanostructure characterizations. These lattice imperfections suppress the lattice thermal conductivity to ≈0.41 W m–1 K–1 at 773 K, leading to such a high ZT. Furthermore, a high energy conversion efficiency of ≈13.8% is predicted by a temperature gradient of 450 K, indicating a great potential to be applied to practical devices for mid‐temperature applications.