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A complete sample of 324 extragalactic objects with 60 μm flux densities greater than 5.4 Jy has been selected from the IRAS catalogs. Only one of these objects can be classified morphologically as a Seyfert nucleus; the others are all galaxies. The median distance of the galaxies in the sample is ~ 30 Mpc, and the median luminosity vL,(60 μm) is ~ 2 x 10^(10) L_☉ . This infrared selected sample is much more "infrared active" than optically selected galaxy samples. The range in far-infrared luminosities of the galaxies in the sample is 10^8 L_☉ -2 x 10^(12) L_☉ The far-infrared luminosities of the sample galaxies appear to be independent of the optical luminosities, suggesting a separate luminosity component. As previously found, a correlation exists between 60 μm/100 μm flux density ratio and \nfar-infrared luminosity. The mass of interstellar dust required to produce the far-infrared radiation corresponds to a mass of gas of 108-10^(10) M_☉ for normal gas to dust ratios. This is comparable to the mass of the interstellar medium in most galaxies. The infrared luminous galaxies are found to be an important component of extraglactic objects, being the \nmost numerous objects in the local universe at luminosities L > 10^(11) L_☉, and producing a luminosity density of ~ that of the observed starlight in normal galaxies. Approximately 60%-80% of the far-infrared luminosity of the local universe is likely attributed to recent or ongoing star formation. If the infrared active phase (L_(FIR) > 10^(11) L_☉ ) is a nonrecurring event of duration less than 108 yr in galaxy evolution, then more than \n 10%, and perhaps all of the galaxies with blue luminosities greater than 10^(10) L_☉ must undergo such an event.