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We report magnetic and transport properties of polycrystalline samples of bilayered perovskite Sr3Ir2O7, which is synthesized by using high pressure technique. Magnetic susceptibility shows weak ferromagnetism below 290K with small size of remanent moment (10−3μB/Ir). Resistivity shows insulating behavior below 290K. We discuss the magnetism and conductivity in Sr3Ir2O7 comparing with those of Sr3Ru2O7, which has a quite similar crystal structure to Sr3Ir2O7, from the view point of rotation angle of MO6 (M=Ir, Ru) octahedra.