The present paper is centred around the investigation of the structural, electrical, and magnetic properties displayed by the novel perovskite polycrystalline La0.7Pb0.3Mn1−yVyO3 (y = 0 – 0.1) prepared via the conventional solid-state technique. The structural properties of the samples were assessed through the utilisation of X-ray diffraction (XRD) analysis. Subsequently, the obtained diffraction data underwent refinement employing Rietveld refinement techniques in order to determine the structural parameters of the samples a, b, c, V and Mn–O bond length and angle. The study of X-ray diffraction (XRD) peaks reveals that all the samples exhibited crystallization in a single phase, devoid of any impurities. All of the samples exist in rhombohedral orientation with a space group of R-3c. The tolerance factor of the samples was calculated in order to assess the severity of lattice distortion, decrease from 0.872 (y = 0) to 0.831 (y = 0.1). The microstructural characteristics of the samples were analysed using a field-emission scanning electron microscope (FESEM). The morphology results reveal that a rise in the amount of V leads stimulates the grain growth in the sample, as evidenced by the increase in grain size from 2.17 µm (y = 0) to 3.71 µm (y = 0.1). The Fourier transform infrared (FTIR) analysis revealed an absorption range of 500 – 600 cm-1, which is indicative of the Mn–O bond deformation vibration. This observation suggests the presence of a MnO6 bond in the sample. The Tauc plots derived from the UV-Vis spectroscopy data reveal a notable increase in the optical bandgap (Eopt) as the concentration of V increases. Specifically, the Eopt values rise from 1.71 eV (y = 0) to 2.30 eV (y = 0.1), falling within the range typically observed for semiconductor materials. A distinct metal-insulator transition was observed in all of the samples, exhibiting a range of TMI values ranging from 250 K to 292 K. The scattering model was employed to determine the itinerant eg behaviour in the low temperature region, whilst the SPH model was used to explore the conduction behaviour in the high temperature region. The magnetic characteristic of the samples was investigated using the Alternating Current Susceptibility (ACS) and Vibrating Sample Magnetometer (VSM) techniques, which confirms the existence of a shift in phase from ferromagnetic (FM) to paramagnetic (PM). The TC value exhibits a declining trend from 298.8 K (y = 0) to 274.8 K (y = 0.1).