As a cyan-emitting oxonitridosilicate phosphor, BaSi2O2N2:Eu2+ can be used as a competent cyan compensator to improve the color rendering index of white light-emitting diodes (WLEDs). However, low luminescence efficiency and poor thermal stability of this type of phosphor seriously suppress its actual application in full-spectrum lighting. The replacements of Ba2+ by Lu3+ and Ba2+-Si4+ by Lu3+-Al3+ can greatly increase the luminescence intensity and improve the thermal stability at the same time. With Lu3+ doping, the internal quantum efficiency ηIQE of Ba0.925Si2O2N2:0.03Eu2+,0.045Lu3+ is 24.08% higher than that of Ba0.97Si2O2N2:0.03Eu2+. After Al3+ co-doping, the ηIQE is further increased by 10.31% compared to Ba0.925Si2O2N2:0.03Eu2+,0.045Lu3+. When the temperature rises to 473 K, the luminescence intensity of Ba0.925Si2O2N2:0.03Eu2+,0.045Lu3+ maintains 62.32% of that at room temperature, which increases by 17.35% in relative to the Ba0.97Si2O2N2:0.03Eu2+, while the luminescence intensity of Ba0.925Si1.97O2N2:0.03Eu2+,0.045Lu3+,0.03Al3+ keeps 73.87% of the initial value, which increases by 18.52% compared to Ba0.925Si2O2N2:0.03Eu2+,0.045Lu3+. The mechanisms for luminescence and thermal stability improvement are proposed. The Ba0.925Si1.97O2N2:0.03Eu2+,0.045Lu3+,0.03Al3+ cyan phosphor, Y3Al5O12:Ce3+ yellow phosphor and CaAlSiN3:Eu2+ red phosphor are mixed thoroughly and coated on a blue LED (450 nm) to assemble a WLED. The WLED demonstrates a color rendering index (Ra) of 97.1 at 150 mA, and the R1–R15 values are all above 90. The results indicate that as an effective cyan compensator in WLED, the BaSi2O2N2:Eu2+,Lu3+,Al3+ phosphor has great application prospect in the field of full-spectrum lighting.