• Current work is one of its kind study suggesting a material that can be used to fabricate a device that can simultaneously store memory and energy. • Low cost sol–gel method is used to synthesize iron chromite nanocrystals by varying Fe/Cr ratio. • Spinel phase i.e. FeCr 2 O 4 is observed at Fe/Cr ratios of 0.45, 0.6 and 0.65. • Magneto dielectric (MD) studies confirm positive MD constant at 0.45, 0.6 & 0.65 Fe/Cr ratios. • The galvanostatic charging/discharging behavior shows capacitive behavior of FeCr 2 O 4 samples. • The electrochemical results suggest that synthesized nanocrystals have potential for energy storage system. Spinel ferrites with remarkable electrochemical performance and magnetodielectric (MD) coupling are promising candidates for energy storage and spintronic devices. This study focuses on structural phases, dielectric and magnetic polarization along with magnetodielectric (MD) coupling and electrochemical response of Fe-Cr spinels. Low cost sol–gel method is used to synthesize iron chromite nanopowders. Iron to chromium (Fe/Cr) ratio is varied in the range of 0.2–0.65 (with interval of 0.05). XRD patterns confirm the formation of phase pure FeCr 2 O 4 at Fe/Cr ratios of 0.45, 0.6 & 0.65. Amorphous behavior is observed at Fe/Cr ratios of 0.2, 0.25, 0.5 & 0.55. Mixed phases are observed at 0.3, 0.35 & 0.4 Fe/Cr ratios. Formation of pure spinel phase at Fe/Cr ratio of 0.45 results in high saturation magnetization of 9.2 emu/g. High grain boundary resistance (189.62kΩ) and high dielectric constant (∼83.38 at log f = 5.0) along with low tangent loss (0.00423 at log f = 5) are observed at Fe/Cr ratio of 0.45. Magneto dielectric studies confirm positive magneto dielectric constant (MDC) of synthesized nanopowders at 0.45, 0.6 & 0.65 Fe/Cr ratios. Cyclic voltammetry is performed at constant potential window. Oxidation/reduction process leads to the pseudo-capacitive response of the material. The cyclic voltammetry curves show specific capacitance of 156 Fg −1 , 144 Fg −1 and 152 Fg −1 at scan rate of 25 mV/s at Fe/Cr ratios of 0.45, 0.6 & 0.65 of FeCr 2 O 4 nanopowders, respectively. The galvanostatic charging/discharging behavior shows capacitive behavior of FeCr 2 O 4 nanopowders. The electrochemical results suggest that synthesized nanopowders have potential for energy storage system.