Monophasic nanocrystalline lead-free relaxor ferroelectric samples of YFeO3 and Co0.05Y0.95Fe0.95Ti0.05O3 were prepared via the standard sol-gel synthesis method. The influence of Co and Ti co-doping on the structural, dielectric, ferroelectric, and magnetic properties were investigated using X-ray, Neutron Diffraction, Electric Polarisation, and magnetization measurement techniques. The structural analysis by the Rietveld method revealed an orthorhombic (Pnma) distorted perovskite structure. The analysis of the neutron diffraction data showed a spin reorientation from IR Γ4 to Γ2 in the doped sample. The universal dielectric response (UDR) phenomenon was used to explain the dielectric behavior. The temperature-dependent dielectric constant measurement shows a shift in the ferroelectric to paraelectric phase in Co0.05Y0.95Fe0.95Ti0.05O3. The observed P-E loops indicate lossy ferroelectric nature for YFO and CYFTO. Enhancement in the value of saturation magnetization at room temperature was observed on co-doping. Furthermore, the presence of magnetodielectric coupling was established for the co-doped sample. Co-doping with Co and Ti in YFeO3 enhanced the multiferroic properties of the pristine sample which may be helpful for future device applicability.