The structural and magnetic properties of the double perovskite Pr1.8La0.2CoFeO6 have been investigated. The X-ray diffraction study shows that the system acquires room-temperature orthorhombic phase with the Pnma space group. The X-ray photoemission spectroscopy (XPS) measurement confirmed that the B-site ions are present in mixed valence states i.e. Co has been found in Co2+ and Co3+ valance states whereas Fe has been found in Fe3+/Fe4+. Magnetic measurements of the system confirm the existence of several fascinating magnetic behaviors, such as long-range canted antiferromagnetism withTN ∼ 271 K, giant exchange bias, and re-entrant cluster glass phase (TG ∼ 33 K). Field-dependent magnetization shows a large spontaneous exchange bias; HSEB∼ 1.8 kOe and giant conventional exchange bias, HCEB∼ 2.4 kOe at 5 K. Antiferromagnetic materials with large exchange bias can be utilized in high-density spintronic devices. Temperature-dependent Raman study demonstrates that the observed phonon mode exhibits anomalous behavior close to the magnetic transition temperature. Analysis of anomalous softening of phonon mode below TN, clarifies the presence of significant spin-phonon coupling while the magnetostriction effect does not play any significant role in the observed phonon anomaly.