In this study, FeSi2 bulk specimens were prepared by mechanical alloying, spark plasma sintering, and subsequent annealing. The annealed FeSi2 bulk specimens consisted of the β-FeSi2 phase and exhibited high Seebeck coefficient values. The maximum Seebeck coefficient of 356 μVK−1 was achieved in the FeSi2 bulk specimen annealed at 1173 K for 6 h. However, the power factor of the FeSi2 bulk specimen was quite small due to its high electrical resistivity, and a drastic improvement is required. Therefore, Mn- and Co-substituted specimens, Fe1−xMnxSi2 (x = 0.2–0.8) and Fe1−xCoxSi2 (x = 0.2–0.8), were produced, and their thermoelectric properties were evaluated. The Mn- and Co-substituted specimens exhibited lower electrical resistivity and a higher power factor than the FeSi2 bulk specimen. The Fe1−xMnxSi2 (x = 0.2–0.8) bulk specimens were p-type thermoelectric materials, and a Seebeck coefficient of 262 μVK−1 and a power factor of 339 μWm−1K−2 were achieved in the Fe0.94Mn0.06Si2 bulk specimen. On the other hand, the Fe1−xCoxSi2 (x = 0.2–0.8) bulk specimens were n-type thermoelectric materials, and a Seebeck coefficient of −180 μVK−1 and a power factor of 667 μWm−1K−2 were achieved in the Fe0.96Co0.04Si2 bulk specimen.