Intrinsic polarization of ferroelectrics (FE) helps separate photon-generated charge carriers thus enhances photovoltaic effects. However, traditional FE with transition-metal cations (M) of d0 electron in MO6 network typically has a band gap (Eg) exceeding 3.0 eV. Although a smaller Eg (2.6 eV) can be obtained in multiferroic BiFeO3, the value is still too high for optimal solar energy applications. Computational “materials genome” searches have predicted several exotic MO6 FE with Eg < 2.0 eV, all thus far unconfirmed because of synthesis difficulties. Here we report a new FE compound with MO4 tetrahedral network, KBiFe2O5, which features narrow Eg (1.6 eV), high Curie temperature (Tc ~ 780 K) and robust magnetic and photoelectric activities. The high photovoltage (8.8 V) and photocurrent density (15 μA/cm2) were obtained, which is comparable to the reported BiFeO3. This finding may open a new avenue to discovering and designing optimal FE compounds for solar energy applications.