Abstract The discovery of Bi 2 Te 3 semiconducting alloys in the 1950s catalyzed advancements in the development of compact Peltier cooling devices for solid‐state active temperature control. Recently, thermoelectric power generators based on the Seebeck effect have been explored as a means to recover ubiquitous waste heat for enhanced energy efficiency. However, it has become increasingly clear that the competitiveness and market viability of these devices are largely limited to near‐room‐temperature operation. In this perspective, a timely, application‐oriented framework is provided for evaluating and selecting materials with favorable near‐room‐temperature Seebeck, Peltier, and Thomson effects. By integrating materials‐level innovations, performance optimization strategies, and device‐level considerations, promising candidates are highlighted, critical scientific challenges are identified, and actionable directions are proposed to accelerate the translation of thermoelectric materials into next‐generation commercial devices with improved performance.