Polymers like polydimethyl siloxane (PDMS) and polyethylene terephthalate (PET) have long been used as substrate materials for stretchable and flexible microelectromechanical systems (MEMS)-based applications. However, the ever-increasing demand of these materials and difficulty in frequent availability of such materials has also increased the cost. Thus, the study of alternate low-cost and easily available materials has become inevitable. Therefore, in this article, we have reported various research results related to BS-8599 V7 elastomer, a commonly available low-cost, silicone-based polymer alternative to PDMS and PET for stretchable and flexible MEMS applications. Mechanical properties were determined using tensile and compression tests according to ASTM-D412 Type C, Standard Test Methods for Vulcanized Rubbers and Thermoplastic Elastomers—Tension and ASTM-D575, Standard Test Methods for Rubber Properties in Compression, standards, respectively, thermal behavior was studied using thermal gravimetric analysis with hardness and elongation tests, chemical integrity of the polymer was observed by mass decomposition of the polymer in various chemical environments, and bio-compatibility of the polymer was studied by skin patch test to check its compatibility with the human epidermis. Finally, an adhesion test was performed by coating zinc oxide nanoparticle film on the polymer surface to demonstrate its application toward low-cost stretchable and flexible thin film devices. The analysis of the experimental data reveals that this material is highly stretchable and flexible, chemically inert, possesses good thermal stability, and can be used as a low-cost alternate substrate platform for various MEMS-based applications.