The polycrystalline sample of (BiLi) 1/2 (FeV) 1/2O3 was prepared by a high-temperature solid-state reaction technique. A preliminary X-ray structural analysis exhibited the formation of single-phase compound with an orthorhombic structure. Detailed studies of electrical properties of the compound, investigated in a wide frequency range (1kHz-1MHz) at different temperatures by complex impedance spectroscopy (CIS) technique, showed that these properties of the material are strongly dependent on frequency and temperature. Ac conductivity is found to obey the Johnscher’s law. The M-H curve shows the presence of ferromagnetism in the studied compound.