Bismuth Ferrites (BiFeO3) are popularly known as BFOs and have a potential application at room temperature in present‐day material science and ceramic industry due to their multiferroic and optical properties. Synthesis methods, temperature treatments, and doping are effective for tuning the structural and multiferroic properties of BFO, among which rare earth metals in Bi‐Site and transition metals in Fe‐site have shown interesting results. This work explores the synthesis and characterizations of (holmium, manganese) co‐doped BFOs where solid state synthesis route and some electrical analyses are the novel studies attempted here. XRD results explain the structural transition from rhombohedral to mixed phase ordering. Grain formation and the elemental concentrations are studied using Scanning Electron Microscopy (SEM), and Energy Dispersive ray spectra (EDAX). Electrical analysis such as dielectric behaviour with respect to frequency and temperature impedance analysis have been studied in detail. Polarization vs. Electric field (PE) hysteresis loop shows the ferroelectric nature of the co‐doped sample with lossy nature and reduced remnant polarization with doping. The dielectric anomalies with frequency and temperature are analyzed in detail and antiferromagnetic transition around Neel temperature is discussed.This article is protected by copyright. All rights reserved.