Single-phase alloy compound FeTe<sub>2</sub> was rapidly synthesized by vacuum high temperature sintering in the temperature range of 803K~923K. At the preparation temperature of 863.15K, the effect of different holding time on the preparation of single phase FeTe<sub>2</sub> was examined. The crystallographic properties and microstructure were characterized by X-ray diffraction and electron probe microanalysis separately. Seebeck coefficient and electrical resistivity were measured at room temperature. The results show that the single-phase polycrystalline compound FeTe<sub>2</sub> can be rapidly prepared by high-temperature sintering reaction. There are many micron-sized pores evenly inside the sample. The transport properties were measured at room temperature. The maximum Seebeck coefficient was 88.21 88.21μV/k at preparation temperature of 863.15K and holding time of 60 min. When the preparation temperature was 803.15K and the holding time was 30min, the minimum resistivity was 7.86 mΩ.cm. The maximum power factor 53.82 μW/(m.k<sub>2</sub>) was obtained when the sample was prepared at 923.15K temperature for 30min.