Double perovskite Bi2FeMnO6 is a potential candidate for the single-phase multiferroic system. In this work, we study the magnetic, electronic, and optical properties in BFMO by performing the density functional theory calculations and experimental measurements of magnetic moment. We also demonstrate the strain dependence of magnetization. More importantly, our calculations of electronic and optical properties reveal that the onsite local correlation on Mn and Fe sites is critical to the gap opening in BFMO, which is a prerequisite condition for the ferroelectric ordering. Finally, we calculate the x-ray magnetic circular dichroism spectra of Fe and Mn ions (L2 and L3 edges) in BFMO.