Single phase materials with both spontaneous electric polarization and magnetization are rare, despite remarkable efforts in developing magnetoelectric multiferroics. In this work, a single-phase polycrystalline GdFe0.5Cr0.5O3 (GFCO) thin film was spin-coated onto a platinized silicon substrate. X-ray diffraction data suggest that the film exhibits an orthorhombic perovskite structure with a Pbnm space group. No other impurity phases were detected. Magnetization measurements reveal the Néel temperature of the GFCO film to be ∼220 K and illustrate a weak ferromagnetic component at 5 K, which could be due to spin canting. Frequency dependent ferroelectric–paraelectric transition was observed around 480 K, indicating the diffuse relaxor-like behavior. The electric field dependent polarization measurements show a lossy behavior below 200 K. The electric field dependent dielectric constant (tunability) measured at 1 MHz in a wide temperature range reveals that the tunability maximizes near the observed dielectric maxima, which further confirms the ferroelectric to paraelectric transition in the present film.