Multifunctional materials having simultaneous electrical and magnetic assembling have been attempted by numerous researchers for next-generation electronic appliances. Among such materials, rare earth metals containing double perovskites, such as La2BB′O6 (B = Ni, B′ = Mn) are the utmost studied materials. In this review, we have summarized various physicochemical aspects of La2NiMnO6 such as crystal structure, electrical, magnetic, and magneto-transport behavior from earlier studies under several experimental conditions. Magnetic field and temperature effects on magnetoelectric and electronic behavior of this material are described. We discuss how the morphology in the form of bulk phase, thin layer, and nanoparticles affect such physicochemical properties of this material. We also highlighted the role of cation order–disorder at ‘B’ sites and the probability of the resulting numerous electronic behavior in this type of material and expectation on basic understanding of Ni–O–Mn electronic, as well as magnetic properties. The prospective applications of this material over conventional substances in solar cells, electric tunable devices, biomolecular and gas sensing technologies are also ascribed. The motivation of the present review is to sum up all such behaviors of La2NiMnO6 to find its possible applications in new areas of material research and the directions of future works.
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