A single phase 0.5(Bi0.5La0.5Fe)O3-0.5(Ba0.5Sr0.5Ti)O3 (50BLFO-50BST) is successfully synthesized by incorporating the high-temperature solid-state casting technique. The compound is calcined and sintered respectively at the temperature 1010 °C and 1210 °C. The calcined powder is checked by X-ray diffraction (XRD) and analysed through reitveld analysis. It is found the sample is single phase cubic structure having crystallite size of 54.74 nm. UV-Visible spectroscopic analysis is utilized to study the optical behavior of the material and with the help of Tuc plot optical band gap has been calculated which has been found to be 1.38 eV. The LCR measurements have been analyzed for the frequency and temperature-dependent dielectric, impedance,and modulus properties of the above-prepared ceramic. The impedance study shows the participation of grain and grain boundary in the electrical characteristics of this material. The room temperature ferromagnetic parameters (Mr~0.06 emu/gm and Hc~ 1 kOe) suggest material is a potential candidate for magnetic storage devices.