In the present investigation, magnetic and dielectric properties of solid‐solution formed between the YFeO3 with the similar crystal structure of other oxide materials are focused on. Orthorhombic crystal structure of YFeO3 (YFO), Sr2Bi4Ti5O18 (SBT), and ZnSnO3 (ZS) nanomaterials are considered to prepare the solid solutions at 1150 °C/3 h. YFO and solid solutions exhibit the orthorhombic crystal structure, which is conformed through Rietveld refinement using X‐Ray powder diffraction pattern. The decreased average grain size is observed for the solid solution (3.0 μm for YFO and ZS and 2.6 μm for YFO and SBT) when compared to YFO (3.4 μm) through scanning electron microscopy. Oxidation state of each atom/ion/element present in the YFO and solid solutions are conformed through X‐Ray photoelectron spectroscopy studies. The solid solution formed between the YFO and SBT exhibits high magnetization value (2.92 emu g−1) and high coercive filed (67.5 Oe) when compared to solid solution formed between the YFO and ZS (magnetization value = 2.48 emu g−1, and coercive filed = 46.4 Oe) and YFO (magnetization value = 1.91 emu g−1, and coercive filed = 61.8 Oe). High dielectric permittivity (εr), low dielectric loss (tan δ), and low conductivity are observed for the solid solution formed between the YFO and SBT, when compared to other materials in this study.