Bi0.88Gd0.09Sr0.03Fe0.94Mn0.04Co0.02O3/Co1−xNixFe2O4 (BGSFMC/CNxFO, x = 0.1–0.5) composite films were successfully prepared by the sol–gel method. The structure and performance changes of BGSFMC/CNxFO composite film were studied. The results show that after the Ni2+-doped CNxFO magnetic bottom layer is combined with the upper BGSFMC, stress is generated in the film interface, which makes the upper BGSFMC layer phase structure change from a single R3c:H phase to the coexistence of R3c:H and R3m:R phases. The change of the structure causes the Fe–O bond length and Fe–O–Fe bond angle of the upper layer of the BGSFMC to change, the internal oxygen vacancy concentration decreases and the Fe3+ concentration increases. As a result, the inclination of the upper BGSFMC layer octahedron changes, limiting spatial modulation and releasing magnetism. At the same time, the change of structure also inhibits the conversion of Fe3+ to Fe2+ and strengthens the spin tilt and Fe–O–Fe super exchange interaction to enhance ferromagnetism. The ferromagnetic properties of the BGSFMC/CNxFO composite film are significantly enhanced, and the residual magnetization of 48.29–56.94 emu/cm3 is obtained. The reduction of defect complexes makes the ferroelectric domains of the BGSFMC/CNxFO composite film easier to flip under an external electric field, the symmetry and peak sharpness of the C–V characteristic curve increase, and the intrinsic polarization increases. The BGSFMC/CN0.1FO composite film obtained an increased Pr = 112 μC/cm2, a polarization switching current Is = 0.081 mA, a ferroelectric domain switching capacitance peak CS = 24.9 μF/cm2, and a reduced leakage conductivity CL = 4.73 μF/cm2. Through the ion doping of the magnetic layer, the ferromagnetic and ferroelectric properties of the BFO film can be adjusted and improved.