Multiferroic materials are new class of multi-functional materials which possess both ferro-electric and magnetic properties. This type of material has wide range of applications like semi-conducting to sensors applications.  Nanocomposite of equimolar perovskite-spinel is synthesized by chemical route by blending of Nickel ferrite as second phase on Bismuth ferrite after heat treatment at 500 °C for 2, 3 and 4 hours soaking period. From the diffractogram data of XRD, the phase, and planes of orientation are analyzed of the synthesized materials. The crystallite size is calculated by Scherrer’s formula. FESEM studies reveal the morphological features having interconnected agglomerates with spherical, irregular polygonal or some elongated shape of the synthesized nanocomposite. FTIR result shows the molecular signature of the nanocrystalline material to verify the M-O coordination. Interplanar spacings and SAED pattern are revealed from HRTEM images which are very close to the experimental findings from XRD phase analysis. UV-VIS analysis is performed in the transmission mode of spectra within the scan range of 200-1100 nm. From the spectra, using Tauc relation band gap is calculated. Band gap are found of the order of 2.847 eV, 2.78 eV, 2.69 eV respectively for 2, 3 and 4 hours soaking period close to semiconducting material. With the increase of soaking time band gap is found to decrease following Arrhenius activation of electronic mobility overwhelming the energy barrier at respective lattice sites. M-H analysis of Nanocomposite at 500 °C for 2 hrs is closer towards ferromagnetic with incomplete loop but for sample at 500 °C for 4hrs it is closer towards superparamagnetic one. The property of this material reflects it has many interesting characteristics suitable for opto-electronic, photo-magnetic devices and other electronic applications.