A solid solution of bismuth cobalt titanate [Bi(Co_0.5Ti_0.5)O₃] and bismuth ferrite (BiFeO₃) with a composition Bi(Co_0.40Ti_0.40Fe_0.20)O₃ (abbreviated as BCTF80/20) was synthesized via a cost effective solid-state technique. Phase identification and basic structural symmetry of the samples were determined by analyzing powder X-ray diffraction data. Field emission scanning electron micrograph (FE-SEM) and energy dispersive X-ray (EDX) spectra were analyzed to evaluate the micro-structural aspects (shape and size, distribution of grains) as well as a quantitative evaluation of the sample. The average crystallite (particle) and grain size were found to be ∼30 nm and ∼1–2 micron, respectively. The electrical parameters (dielectric constant, tangent loss, impedance, modulus, and conductivity) of as-synthesized material were obtained in a temperature range of 300 to 773 K and frequency range of 1 kHz and 1000 kHz. The strong correlation of microstructure (i.e., grains, grain boundary, etc.) and electrical parameters of this material were observed. The frequency dependence of electrical impedance and modulus exhibited a deviation from an ideal Debye-like relaxation process. The dependence of dielectric relaxation mechanism on frequency and temperature is discussed in detail. The field dependent polarization (P–E hysteresis loop) of BCTF80/20 exhibited an enhanced value of remnant polarization as compared to that of BiFeO₃ (referred as BFO). At room temperature (300 K), the magnetic hysteresis loop measurements also showed a significant improvement in the magnetization of BCTF80/20. Thus, based on these enhanced values of remnant polarization and magnetic parameters, we can assume that BCTF80/20 may be considered as a promising candidate for some new generations of electronic devices.