Thermoelectric materials convert heat energy into electrical energy. They have the potential to be used in a variety of applications, including power generation, waste heat recovery, and temperature control. Several transition metal suboxides, also known as Magnéli phases, are a promising class of thermoelectric materials because of their high electrical conductivity, low thermal conductivity, and chemical stability. In this review article, we discuss the Magnéli phase of five different transition metal suboxides: titanium suboxide (TiOx), tungsten suboxide (WOx), molybdenum suboxide (MoOx), vanadium suboxide (VOx), and niobium suboxide (NbOx). We focus on their crystal structure, electrical and thermal properties, and potential applications as thermoelectric materials. We conclude that the Magnéli phases have the potential to be high-performance thermoelectric materials. However, further research is needed to optimize their properties and develop new synthesis methods.