The integration of perovskite and spinel materials into multifunctional composites offers diverse technological applications due to their unique properties. This study explores the detailed multifunctional characteristics of tri-phasic composites with general formula (1−x)(0.6BiFeO3 + 0.4BaTiO3) + xMgFe2O4 (0 ≤ x ≤ 0.1), synthesized using a straightforward two-step process. X-ray diffraction confirmed the high crystallinity and phase purity of the composites. Subsequent observations using field emission scanning electron microscopy revealed a highly porous morphology with varying grain sizes. Electrically, the composite with x = 0.08 exhibited notable dielectric impedance, and modulus characteristics, aligning well with the requirements for efficient energy storage. Magnetically, the material displayed a gradual reduction in coercivity values, reaching 199.59 Oe at x = 0.10, alongside a peak magnetization of 5.140 emu/g and a remanent magnetization-to-saturation magnetization (Mr/Ms) ratio of 0.173. These features underscore the material’s potential for magnetic memory applications. Detailed dielectric response analysis across wide frequency range highlighted suitability of as synthesized composites for advanced energy storage devices.