Herein, we have conducted a comprehensive study to uncover the thermal transport properties and hydrogen evolution reaction catalytic activity of recently synthesized holey graphyne. Our findings disclose that holey graphyne has a direct bandgap of 1.00 eV using the HSE06 exchange–correlation functional. The absence of imaginary phonon frequencies in the phonon dispersion ensures its dynamic stability. The formation energy of holey graphyne turns out to be − 8.46 eV/atom, comparable to graphene (− 9.22 eV/atom) andh-BN (− 8.80 eV/atom). At 300 K, the Seebeck coefficient is as high as 700 μV/K at a carrier concentration of 1 × 1010cm-2. The predicted room temperature lattice thermal conductivity (κl) of 29.3 W/mK is substantially lower than graphene (3000 W/mK) and fourfold smaller than C3N (128 W/mK). At around 335 nm thickness, the room temperature κlsuppresses by 25%. The calculatedp-type figure of merit (ZT) reaches a maximum of 1.50 at 300 K, higher than that of holey graphene (ZT= 1.13), γ-graphyne (ZT= 0.48), and pristine graphene (ZT= 0.55 × 10–3). It further scales up to 3.36 at 600 K. Such colossalZTvalues make holey graphyne an appealingp-type thermoelectric material. Besides that, holey graphyne is a potential HER catalyst with a low overpotential of 0.20 eV, which further reduces to 0.03 eV at 2% compressive strain.