The various physical properties with their intercorrelations in polycrystalline samples of Sm0.5Y0.5Fe0.58Mn0.42O3 [SYFM (58–42)] were investigated. The dc magnetization measurements revealed a weak ferromagnetic (WFM) transition at TÑ361 K that is followed by an incomplete spin reorientation (SR) transition at TSR1∼ 348 K. A first order magnetic transition (FOMT) around TSR2 ∼ 292 K completes the spin reorientation transition and the material enters into a nearly collinear antiferromagnetic (AFM) state. Robust magnetodielectric (MD) is found to be present in material at room temperature. True ferroelectric transition with TFE = 108 K and having a value of saturation polarization (∼0.06 μC/cm2 at 15 K) have been found in the specimen. This spin phonon coupling (SPC) stabilizes the ferroelectric state and responsible for magnetoelectric coupling (ME). We argue that wave vector (q) dependence of the spin-pair correlation affects the electronic and magnetodielectric properties in a similar way.