Currently, there is great interest in perovskite compounds (ABO3) due to their various applications as well as fundamental research that has taken place. However, oxygen vacancy in the perovskite is a very important parameter to control its physical properties. Hence, the polycrystalline ((Bi1−xLax)0.5Na0.5)0.94Ba0.06TiO3 (BLNBTO) with x = 0.00, 0.02, 0.04, 0.06, 0.08 and 0.10 solid solutions was synthesized via a conventional solid-state reaction process to study the oxygen vacancies and its influence on dielectric property. Structural phase formation of the solid solutions has been studied by x-ray diffraction (XRD) technique. Rietveld analysis of the XRD pattern reveals the decrease of octahedral distortion with the increase of La3+ concentration in BNBTO (x = 0.00) solid solution. The reduction of octahedral distortion in the solid solutions was also supported by Raman spectra analysis. The presence of oxygen vacancy has been observed from the analysis of x-ray photoelectron spectroscopy spectra corresponding to the different elements of the solid solutions. Furthermore, the distinct peak at high-temperature range (250 °C–350 °C) in impedance plots is ascribed to the presence of oxygen vacancy related dielectric relaxation phenomenon. The activation energy increases from 0.99 to 1.53 eV with the increase of La3+ mole fraction in BNBTO solid solution, which is obtained from impedance data using the Arrhenius equation. The increase of activation energy has been correlated with the reduction of oxygen vacancy.