The Bi1-xLaxFe1-yCryO3 (x = 0.00, 0.06; y = 0.00, 0.03, 0.06, 0.09, 0.12) nanomaterials have been synthesized using the simple solvo-thermal technique. The Rietveld refinement of XRD analysis using FullProf Software confirms that all synthesized materials follow rhombohedral perovskite crystal structure of R3C space group. The dielectric and ac conductivity data are analyzed to understand the role of grain and grain boundary contributions. The enhancement of magnetic properties has been observed from SQUID measurement for the co-doped samples at room temperature. Also, a significant improvement in polarization has been observed for the doped nanocompounds from the ferroelectric hysteresis loop. The magneto-dielectric study reveals a large improvement in our co-doped BFO nanomaterials and the value is nearly three times of those reported earlier. The calculated energy storage efficiency for the co-doped samples are found to have as high as 51 %. The sample with x = 0.06 and y = 0.09 with a magneto dielectric coefficient of around 30 % and energy storage efficiency of 35 % is the most suitable for both spintronic and energy storage devices.