Herein, the electrical and magnetic properties of polycrystalline Eu2CoMnO6 are explored. More specifically, based on transport, dielectric, and impedance measurements, a thermally activated dielectric polarization near room temperature is reported. The valence states of transition metals in the Eu2CoMnO6 sample are studied by measuring the X‐ray absorption spectra at both Co‐L2,3 and Mn‐L2,3 edges. Moreover, based on magnetization, X‐ray absorption spectroscopy, and X‐ray magnetic circular dichroism measurements, the coexistence of competing ferromagnetic and antiferromagnetic phases is probed. Dielectric measurement shows a large dielectric constant near room temperature along with a large frequency dispersion. The temperature‐dependent resistivity, Cole–Cole plot, and imaginary part of impedance confirm the semiconducting nature of Eu2CoMnO6. Temperature‐dependent magnetization shows a second‐order magnetic transition below 125 K. Isothermal magnetization versus magnetic field loop shows first‐order metamagnetic transition, driven by mixed magnetic state owing to the presence of antisite disorder and antiphase boundary.