The thermal, electrical and thermoelectric properties of ZnO–MexOy ceramics with 1 ≤ x, y ≤ 3, where Me = Al, Co, Fe, Ni, Ti, have been studied. The specimens have been synthesized using the ceramic sintering technology from two or more oxides in an open atmosphere with annealing temperature and time variation. The structural and phase data on the ceramics have shown that post-synthesis addition of MexOy doping powders to wurtzite-structured ZnO powder causes Znx (Mе)yO4 spinel-like second phase precipitation and a 4-fold growth of ceramics porosity. Room temperature heat conductivity studies have testified to predominant lattice contribution. A decrease in the heat conductivity upon doping proves to be caused by phonon scattering intensification due to the following factors: size factor upon zinc ion substitution in the ZnO lattice (wurtzite) by MexOy doping oxide metal ions; defect formation, i.e., point defects, grain boundaries (microstructure refinement); porosity growth (density decline); secondary phase particle nucleation (Znx (Mе)yO4 spinel-like ones). The above listed factors entailed by zinc ion substitution for metal ions (Co, Al, Ti, Ni, Fe) increase the figure-of-merit ZT by four orders of magnitude (due to a decrease in the electrical resistivity and heat conductivity coupled with a moderate thermo-emf decline). The decrease in the electrical resistivity originates from a more homogeneous distribution of doping metal ions in the wurtzite lattice upon longer annealing which increases the number of donor centers.