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Multiferroic materials have gained research limelight owing to their potential candidature for energy storage applications which are efficiently triggered by their intrinsic magnetoelectric effects. In this context, we present an efficient tri-phase multiferroic composite material, consisting of BiFeO3, CoFe2O4 and Cr2O3 exhibiting exceptional viability for energy storage. The individual constituents were prepared by a citrate-gel based self-ignition route while the composite formation was routed through a ball-milling process. Diffraction patterns revealed the co-existence of three crystalline phases without any impurity within the composites. The morphological features directly influenced the dielectric parameters well in accordance with the Maxwell-Wagner’s bilayer model and the Koop’s phenomenological theory. Likewise, the Nyquist plot architectured a single semicircular arc specifying single relaxation phenomena. The insight of current versus voltage (I-V) curves through the multiferroic tester exposed a gradually declining trend of leakage current against the increasing Cr2O3 phase fractions. The PUND sequences represent high values of switching charge polarization (P*) as paralleled to the un-switching polarization which accompanies leakage current. Magnetic-hysteresis loops exposed a weak ferromagnetic nature of the samples and an increased Cr2O3 phase fractions did not significantly affect the coercivity (Hc) values. The ME-coupling effect was also evident from variation in polarization signals by applied magnetic field. The present study unveils an efficient, scalable and affordable pathway towards the substantial synthesis of tertiary-phase composites exhibiting superb storage properties.