A lead-based multiferroic, Pb(Co1/3Mn1/3W1/3)O3, was synthesized by using a high-temperature solid-state reaction technique. Based on X-ray structural analysis, an orthorhombic crystal structure has been suggested for the material. The scanning electron microscopy (SEM) image exhibits a morphology with and uniform grains distribution. A detailed study of variation of dielectric parameters with frequency and temperature exhibits that Pb(Co1/3Mn1/3W1/3)O3 undergoes multiple phase transitions; first transition (Tc1) appeared at 436K (ferroelastic to ferroelectric) whereas second transition ( Tc2) appeared at 504K ( ferroelectric to paraelectric). Since the peaks of dielectric constant are broader and diffused, a diffusivity parameter (γ) has been estimated to the amount of disordering in the material structure.The contribution of grain,grain boundaries and electrode effect in electrical conduction mechanisim can be understood by frequency-temperature dependence of resistive characterestics using CIS spectroscopy (complex impedance spectroscopy). Impedance or Nyquist plots were modeled with an equivalent circuit having capacitance, resistance and related parameters. Studies of transport properties, ac conductivity, electrical modulus and magneto-electric (ME) effect of the materialis reported in this communication.