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Relaxation mechanism, conductivity and magnetoelectric properties of (Nd1/2Li1/2)(Fe2/3Mo1/3)O3 multiferroic have been investigated systematically. This material was synthesized by a solid-state reaction route. Thermogravimetric analysis is enforced to perceive the percentage of weight change with rise in temperature in order to obtain the calcination temperature of the material. The preliminary structural study using X-ray diffraction data reveals the orthorhombic structure of the material. The complex plot of impedance data helped to distinguish the involvement of grain as well as grain boundary effects towards the overall electrical properties of the compound. Temperature-dependent electrical conductivity plots exhibit the presence of thermally activated conduction mechanism of the compound. The magnetic field dependence of magnetization (M–H loop) showed the presence of ferromagnetic nature of the material. The value of magnetoelectric coupling coefficient of prepared material is found to be 2.7 mV Cm−1 Oe−1. [ABSTRACT FROM AUTHOR]