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A single phase multiferroic magnetoelectric compound, (Sm 0.5 Li 0.5 )(Fe 0.5 V 0.5 )O 3 , is found at room temperature. This sample is fabricated using solid state reaction route. Analysis of the structural properties of the sample by X-ray diffraction method confirmed the fabrication of the desired compound with orthorhombic unit cell structure. Morphological property of the sample is recorded by field emission scanning electron microscopy (FE-SEM). Impedance spectroscopy is employed to determine the various electrical parameters such as dielectric constant, loss tangent, impedance, electric modulus, etc. at different temperature (RT–400 °C) within a frequency range of (1 kHz–1 MHz). Furthermore, the bulk resistance as function of temperature and J – E characteristic showed the semiconducting behavior of sample with negative temperature coefficient of resistance (NTCR) type nature of the compound. The M – H loop of this sample indicates the ferromagnetic nature with very low coercive field. A dedicated magnetoelectric set up is used to measure the ME coefficient as a function of magnetic field and found a significant ME coefficient of 2.99 mV Cm −1  Oe −1 at room temperature. [ABSTRACT FROM AUTHOR]