The effect of spin entropy on the transport of heat/charge carriers in the Fe-doped full-Heusler alloy Fe2+xVAl1-x with x = 0–0.1 has been studied through low-temperature magnetic and thermoelectric measurements. Magnetization (M) measurements confirm itinerant-electron weak-ferromagnetic behavior. A systematic increase of the magnetic transition temperature TC (from 40 K to 223 K) and of the saturation magnetization (from 0.13 to 0.41μB/Fe) with increasing Fe doping (from x = 0 to 0.1) is observed. Applying a magnetic field causes significant suppression of the Seebeck coefficient (S) and the entropy term (S/T) with a negative magnetoresistance near TC for all weak-ferromagnetic samples, demonstrating a clear effect of spin fluctuations. Analyzing M(T) and S(T), we rule out sizeable magnon drag contributions. A large spin fluctuations-induced enhancement in the thermoelectric power factor PF of about 18 % is achieved for x = 0.1 near TC when compared to measurements in a magnetic field of 7 T. The actual improvement in PF is even much higher, as the S shows a significant enhancement (about 34 %) compared to the estimated diffusion term of S(T) at TC. The number of point defects also increases with Fe doping, causing a significant reduction of the lattice thermal conductivity. This study demonstrates the role of spin fluctuations in enhancing the thermopower/thermoelectric performance of Fe-doped Fe2VAl and opens a vista for the strategy's applicability for various thermoelectric materials.