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A first-principles calculation based on DFT investigations on the structural, optoelectronic, and thermoelectric characteristics of the newly designed pyrochlore oxides La₂Tm₂O₇ (Tm = Hf, Zr) is presented in this study. The main quest of the researchers working in the field of renewable energy is to manufacture suitable materials for commercial applications such as thermoelectric and optoelectronic devices. From the calculated structural properties, it is evident that La₂Hf₂O₇ is more stable compared to La₂Zr₂O₇. La₂Hf₂O₇ and La₂Zr₂O₇ are direct bandgap materials having energy bandgaps of 4.45 and 4.40 eV, respectively. No evidence regarding magnetic moment is obtained from the spectra of TDOS, as a similar overall profile for both spin channels can be noted. In the spectra of <inline-formula><math xmlns="http://www.w3.org/1998/Math/MathML" display="inline"><semantics><mrow><msub><mi>ε</mi><mn>2</mn></msub><mrow><mo>(</mo><mi>ω</mi><mo>)</mo></mrow></mrow></semantics></math></inline-formula>, it is evident that these materials absorb maximum photons in the UV region and are potential candidates for photovoltaic device applications. La₂Tm₂O₇ (Tm = Hf, Zr) are also promising candidates for thermoelectric device applications, as these p-type materials possess <inline-formula><math xmlns="http://www.w3.org/1998/Math/MathML" display="inline"><semantics><mrow><mi>Z</mi><mi>T</mi></mrow></semantics></math></inline-formula> values of approximately 1, which is the primary criterion for efficient thermoelectric materials.