Exact analytical calculations are performed to study the rotating magnetoelectric effect in a ground state of a coupled spin-electron model on a doubly decorated square lattice with and without presence of an external magnetic field. Novel spatially anisotropic magnetic ground states emergent due to a rotation in an external electric field are found at three physically interesting electron concentrations ranging from a quarter up to a half filling. In absence of the magnetic field existence of spatially anisotropic structures requires a fractional electron concentration, where a significant influence of spatial orientation of an electric field is observed. It turns out that the investigated model exhibits a rotating magnetoelectric effect at all three concentrations with one or two consecutive critical points in presence of magnetic field. At the same time, the rotating electric field has a significant effect on a critical value of an electrostatic potential, which can be enhanced or lowered upon changing the electron hopping and the magnitude of an applied magnetic field. Finally, we have found an intriguing interchange of magnetic order between the horizontal and vertical directions driven by a rotation of the electric field, which is however destabilized upon strengthening of the magnetic field.