We report thermoelectric (TE) properties of Sr and Mn co-substituted LaCoO3 system from room temperature to 700 K. Sr-substitutions at La and Mn at Co site in LaCoO3 improves the electrical conductivity (σ). Thermal conductivity (κ) of all the samples increases with the increase in temperature but decreases with the substitution in LaCoO3. An estimation of the electronic thermal conductivity (κe) suggests a dominant phonon contribution to thermal conductivity in this system. A maximum value of the figure of merit is 0.14 at 480 K for La0.95Sr0.05Co0.95Mn0.05O3.