Ge2Sb2Te5 alloy has drawn much attention due to its application in phase-change random-access memory and potential as a thermoelectric material. Electrical and thermal conductivity are important material properties in both applications. The aim of this work is to investigate the temperature dependence of the electrical and thermal conductivity of Ge2Sb2Te5 alloy and discuss the thermal conduction mechanism. The electrical resistivity and thermal conductivity of Ge2Sb2Te5 alloy were measured from room temperature to 823 K by four-terminal and hot-strip method, respectively. With increasing temperature, the electrical resistivity increased while the thermal conductivity first decreased up to about 600 K then increased. The electronic component of the thermal conductivity was calculated from the Wiedemann–Franz law using the resistivity results. At room temperature, Ge2Sb2Te5 alloy has large electronic thermal conductivity and low lattice thermal conductivity. Bipolar diffusion contributes more to the thermal conductivity with increasing temperature. The special crystallographic structure of Ge2Sb2Te5 alloy accounts for the thermal conduction mechanism.