A complex rare-earth zirconate (La0.4Sm0.5Yb0.1)2(Zr0.7Ce0.3)2O7 powder for thermal barrier coatings (TBCs) was synthesized by coprecipitation method. The phase composition, microstructure and the thermophysical properties were investigated. XRD results revealed that single phase (La0.4Sm0.5Yb0.1)2(Zr0.7Ce0.3)2O7 with pyrochlore structure was prepared and the SEM result showed that the microstructure of the product was dense and no other phases existed among the particles. With the temperature increasing, the thermal expansion coefficient (CTE) of the ceramic increased, while the thermal conductivity decreased. The results indicated that CTE of the ceramic was slightly higher than that of La2Zr2O7 and the thermal conductivity of the ceramic was lower than that of La2Zr2O7. These results imply that (La0.4Sm0.5Yb0.1)2(Zr0.7Ce0.3)2O7 can be explored as the candidate material for the ceramic layer in TBCs system.