A high thermoelectric figure of merit ZT, with a maximum value ZT = 1.5 at 670–800 K for the composition Ge0.9Pb0.05Bi0.05Te, has been obtained for GeTe solid solutions with Bi and Pb impurities. This is conducive to a decrease in the hole concentration, an increase in the Seebeck coefficient, and a decrease in the lattice thermal conductivity. The main attention in interpretation of the experimental data is given to specific features of the energy spectrum of holes in the initial GeTe compound. The model of resonance states, formed with involvement of Ge atoms and metal vacancies, has been further developed. The types of defects and their transformation depending on temperature and the concentration of superstoichiometric Te have been considered. The experimental results give reason to believe that the interaction of localized and free charge carriers at elevated temperatures leads to a pronounced hybridization of their states and the formation of heavy quasiparticles, a situation in many ways similar to that observed in materials with heavy fermions.