Here, we report a series of multiferroic composites with general formula 0.8[(1–x)BiFeO3 + xCrFe2O4] + 0.2Cr2O3 (x = 0.0, 0.33, 0.66 and 1.0), prepared using sol–gel based auto-combustion method. Structural analysis helped us to verify the three phases in the composites and confirmed the dominance of spinel phase with introducing the CrFe2O4 contents. Field emission scanning electron microscopy confirmed the distinct, sharp, spherical shaped grains, and the reduction in the grain size with the evolution of spinel phase. Energy dispersive X-ray spectroscopy verified the presence of key elements in the required stoichiometric ratios. Increment in the maximum and remanent polarization with the addition of spinel phase contents was revealed by the ferroelectric analysis. Recoverable energy was observed to be decreased at first, with the increase in CrFe2O4 concentration, but it increased abruptly when the rhombohedral phase was completely replaced by the spinel phase. A systematic analysis of percentage efficiency has been presented and correlated with the crystalline structural phase transformation in the composite series. The successful incorporation of third phase (Cr2O3) has helped to improve the composite phase stability and ferroelectric pursuits. Magnetic analysis showed an increase in magnetization with the increasing concentration of spinel phase, confirming its ferrimagnetic nature and establishing the multifunctional utilization of prepared tri-phase composites. The studies of magneto-polarizability unwrapped the aptitude of these composites for their usage in multi-state devices and illustrated the aptitude of synthesized composite for their applications in energy storage devices.