Pure and Sr?doped bismuth ferrite Bi1-xSrx FeO3 (x = 0, 0.1, 0.2, 0.3) nanoparticles have been synthesized using combustion method. X- Ray diffraction study of these compounds confirms the rhombohedral structure with R3c space group. BiFeO3 peaks were observed at 2θ = 22.46o, 31.80o, 32.11o, 39.519o, 45.79o, 51.35o, 56.98o and 57.16o having miller indices as (012), (104), (110), (202), (024), (116), (214) respectively. The traces of secondary phase also appear along with desired phase of Sr?doped bismuth ferrite Bi1-xSrxFeO3 samples. The scanning electron microscopy of fractured pellets of the samples reveals the decrease in grain size with increase of Sr doping in Bi1-xSrxFeO3. Magnetic studies were carried out at room temperature up to a field of 10 kOe. M-H hysteresis loops showed a significant increase in magnetization with Sr substitution in BiFeO3. Compared to weak magnetisation with magnetizing field (M-H) shown by BiFeO3 nanoparticles (Remnant magnetization, Mr ~ 0.4x10-3 emu/g and coercive field, Hc ~ 0.065 kOe respectively), a significant enhancement in M-H loop was observed in Bi1-xSrx FeO3 compounds. The value of Mr ~ 0.525 emu/g and Hc ~ 3.70 kOe have been found to be maximum for x = 0.30 in Bi1-xSrx FeO3 compounds. Leakage current studies showed decrease in leakage current density of doped samples to that of pure BiFeO3 and x = 0.10 gives minimum value of 4.78 x 10-6 A/cm2 at 350 V/cm. The ferroelectric nature was confirmed by observed P-E loops in all the samples.