Polycrystalline Gd2NiIrO6 double perovskite compound was synthesized by the solid-state route. Rietveld refinement of the X-ray diffraction pattern revealed that the compound was crystallized in a monoclinic structure with P21/n space group (IUCr. No. 14). The scanning electron micrograph showed that the grains were spherical and well distributed with an average grain size of around 1 μm. The temperature-dependent magnetic measurements showed magnetic transitions at 165 K and 149 K in the low-temperature region. Below the transition temperatures, weak ferromagnetism was evidenced by field-dependent magnetization measurements. Exchange bias effects were observed which were driven by Dzyaloshinsky–Moriya interactions in the compound. The UV–visible measurement evidenced that the compound had an optical band gap of 1.8 eV. The electronic structure calculations using the DFT + U method revealed that Gd2NiIrO6 compound exhibited a bandgap only when on-site correlations for the d-states were included, and the calculation showed that the AF1 configuration was energetically favourable.