In the present work, detailed investigation of dielectric, piezoelectric and ferroelectric properties of Nb and Fe co-doped PZT ceramic near the MPB composition has been carried out. Pb1-3x/2 Fex(Zr0.52Ti0.48)1-5y/4 NbyO3 (PFZTN) ceramics for x = 1- 6 mol% and y = 5.50 mol% have been prepared by a semi-wet route. X-ray diffraction studies confirm the formation of single phase perovskite structure. It is shown that Fe doping in PZNT improves the dielectric, ferroelectric and piezoelectric properties of ceramics. It has been found that at room temperature, dielectric constant and d33 start to increase up to the composition x = 0.05 and thereafter decrease. The maximum value of dielectric constant and d33 has been found for the composition x = 0.05. It has been shown that doping of Fe does not affect over the transition temperature uptown x = 0.04. The value of remnant polarization is of the order of 11.62 µC/cm 2 at x= 0.04. The investigated material seems to be promising candidate for multilayer capacitor applications.