This work presents the laterally vibrating Lamb wave resonators (LVRs) based on a 30% aluminum scandium nitride (Al0.7Sc0.3N) thin film with three interdigited transducer pairs operating in the S0 mode. In order to reduce the anchor loss, perfect matched layer-based finite element analysis simulations are utilized to design and optimize the device. Thanks to the high quality AlScN using magnetron sputtering with a single alloy target, vertical etching profile, and designed device structure, 1-μm-thick Al0.7Sc0.3N-based LVRs with high performance are fabricated. The resonator equivalent electric parameters are extracted utilizing the modified Butterworth–Van Dyke model. The best Al0.7Sc0.3N LVR achieves an electromechanical coupling coefficient (kt2) of 9.7% and a loaded quality factor (Qr) of 1141.5 operating at approximately 305 MHz. The same resonator shows a motional quality factor (Qm) of 1507.2, resulting in a high figure-of-merit (FoM = kt2 · Qm) of 146.2. A 1.8 MHz tuning range is measured for an Al0.7Sc0.3N LVR by applying DC voltage in the range of −40 to 40 V due to the ferroelectric property of high Sc doping in Al0.7Sc0.3N. With the high FoM, Qr, Qm, and low motional resistance (Rm), the Al0.7Sc0.3N-based LVRs show strong potential in applications of radio frequency communications and piezoelectric transducers.