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Bismuth ferrite (BiFeO3) is a multifunctional perovskite material well-known for its lead-free chemistry, multiferroic properties at room temperature, photovoltaic properties, and photocatalytic activity. BiFeO3 nanostructures were synthesized using sol-gel method by varying annealing temperature and annealing rate. The formation of phase-pure BiFeO3 was confirmed using X-ray diffraction and Raman spectroscopy.Using scanning electron microscopy, the size of BiFeO3nanostructures was evaluated to be around 100-500 nm depending on the annealing parameters. The bandgap of the synthesized nanostructures was estimated to be 2.18-2.26 eV, with UV diffuse reflectance spectroscopy. The photocatalytic activity was assessed by the degradation of malachite green dye under visible light irradiation and their correlation with heating parameters is discussed in detail.