n this thesis work, the multifunctional characteristics of lead free ferroelectric 0.5Ba(Zr0.2Ti0.8)O3-0.5(Ba0.7Ca0.3)TiO3 (BZT-BCT) compound were explored. Initially, the field-induced structural transformation and its influence on other physical characteristics were investigated. Additionally, the magnetoelectric (ME) studies on BZT-BCT/Ni heterostructure film and BZT-BCT/NiFe2O4 laminate composites revealed giant ME voltage coefficients. Importantly, enhanced ME coefficient was demonstrated by a novel method of tuning the resonance modes in laminate composites. Notably, the compound exhibited remarkable ferroelectric photovoltaic characteristics both in bulk and thin films. The observed PV response was correlated with the symmetry breaking field induced structural transformation. The studies carried out in this thesis highlight the importance of BZT-BCT system in the field of energy harvesting and sensor applications.