The multigram synthesis of K2[Fe3S4] starting from K2S and FeS is presented, and its electronic and magnetic properties are investigated. The title compound obtains a defect variant of the K[Fe2Se2] structure type. Dielectric and impedance measurements indicate a dielectric constant of 1120 at 1 kHz and an outstanding ionic conductivity of 24.37 mS cm–1 at 295 K, which is in the range of the highest reported value for potential solid‐state electrolytes for potassium‐ion batteries. The Seebeck coefficient of the n‐type conductor amounts to −60 µV K−1 at 973 K. The mismatch of the measured electrical resistivity and the predicted metal‐like band structure by periodic quantum chemical calculations indicates Mott insulating behavior. Magnetometry demonstrates temperature‐dependent, large exchange bias fields of 35 mT, as a consequence of the coexistence of spin glass and antiferromagnetic orderings due to the iron vacancies in the lattice. In addition, the decreasing training effects of 34% in the exchange bias are identified at temperatures lower than 20 K. These results demonstrate the critical role of iron vacancies in tuning the electronic and magnetic properties and a multifunctional material from abundant and accessible elements.