The oxygen carrier material (OCM) is the foundation of chemical-looping combustion (CLC). In past laboratory-scale OCM development and screening, the reactivity of a single OCM was prioritized, while problems in cost, stability, service life, and environmental friendliness were prevalent and not adequately addressed as they should have been. In promoting the CLC technology for a megawatt-scale pilot demonstration, this paper proposes a novel perovskite-type OCM (CM0.5TF-Mg) with excellent comprehensive properties based on our research group's extensive OCM development expertise. Two previously examined OCMs (CMTF and MgMnO3) serve as testing benchmarks. A new breakthrough time-based method for the OCM reactivity test is applied, allowing for the immediate and convenient evaluation and comparison of OCM reactivity to gaseous fuel. A thermogravimetric analyzer (TGA), a batch fluidized bed reactor, a fixed bed reactor, and an air jet attrition apparatus, as well as characterization methods such as SEM, EDS, and XRD analysis, were used to assess the OCM's oxygen capacity, cyclic stability, reactivity, thermal stability, and chemical stability. In addition, the use-cost and environmental impacts of OCM are discussed. In conclusion, CM0.5TF-Mg OCM exhibits well-balanced overall performance in reactivity, stability, sintering resistance, abrasion resistance, cost, and environmental friendliness. This OCM, which fits the requirements of various aspects of the actual CLC process, is highly valuable for the industrialization demonstration of CLC in the next stage.