Layered van der Waals (vdW) crystals with intrinsic magnetic properties such as high Curie temperature (TC) and large perpendicular magnetic anisotropy (PMA) are key to the development and application of spintronic devices. The ferromagnetic vdW metal Fe3−xGeTe2 (FGT) has gained prominence recently due to its high TC (220 K) and strong PMA. Herein, a new metallic vdW ferromagnet, Fe5−xGe2Te2 or FG2T, is introduced, which is successfully synthesized and fully characterized. FG2T is a metal that orders ferromagnetically with a very sharp transition at 250 K (bulk and single‐crystal thin flakes) and shows large PMA, as found by both experimental and computational studies. Novel heterostructure devices with near‐room‐temperature capabilities using FG2T as a spin injector are enabled by this work.