Abstract The compact steep-spectrum radio source 3C 298 (redshift of 1.44) has the largest 178 MHz luminosity in the Third Cambridge Revised Catalogue (3CR); its radio lobes are among the most luminous in the universe. The plasma state of the radio lobes is modeled with the aid of interferometric radio observations (in particular, the new Low Frequency Array observation and archival MERLIN data) and archival single-station data. It is estimated that the long-term time-averaged jet power required to fill these lobes with leptonic plasma is Q ¯ ≈ 1.28 ± 0.51 × 10 47 erg s − 1 , rivaling the largest time-averaged jet powers from any quasar. Supporting this notion of extraordinary jet power is a 0.5–10 keV luminosity of ≈ 5.2 × 1046 erg s−1, comparable to luminous blazars, yet there is no other indication of strong relativistic beaming. We combine two new high signal-to-noise ratio optical spectroscopic observations from the Hobby-Eberly Telescope with archival Hubble Space Telescope, Two Micron All Sky Survey, and Galaxy Evolutionary Explorer data to compute a bolometric luminosity from the accretion flow of L bol ≈ 1.55 ± 0.15 × 1047 erg s−1. The ratio, Q ¯ / L bol ≈ 1 , is the approximate upper limit for quasars. Characteristic of a large Q ¯ / L bol , we find an extreme-ultraviolet (EUV) spectrum that is very steep (the “EUV deficit” of powerful radio quasars relative to radio-quiet quasars), and this weak ionizing continuum is likely a contributing factor to the relatively small equivalent widths of the broad emission lines in this quasar.