Nowadays, there have been much consideration to develop eco-friendly advanced materials, which have many applications in the field of multiferroics, sensors, actuators, magnetically modulated transducer devices, etc. Hence, the preparation of lead-free based multifunctional materials has now become of great interest to researchers. The present study reports the synthesis and study of structural, dielectric, and multiferroics characteristics of (Bi0.8Nd0.2)(Fe0.5Ti0.5)O3 material. The compound was synthesized using a conventional solid-state reaction method (calcination at 950 °C). The X-ray diffraction analysis of the compound confirms the single-phase formation with orthorhombic symmetry. The surface morphology of the material has been examined by the field emission scanning electron microscopy (FESEM) method, which shows uniform grain distribution in the microstructural image. Grains were to be found of different sizes with few voids. Energy dispersive X-ray (EDX) shows the purity of the sample with an equivalent amount of weight and atomic percentage. Dielectric and impedance analysis have been investigated in a wide range of frequencies and temperatures. Frequency-dependent ac-conductivity obeys Jonscher's universal power law. The P-E loop tracer was used to study the ferroelectric nature of the sample. Magnetic field-dependent magnetization is measured at room temperature by a vibrating sample magnetometer (VSM). The current study provides efficient, eco-friendly, and interesting results for further application purposes.