Multifuctional materials are promising for the ever-increasing demand in next-generation miniaturized and integrated multiple-state memory devices. In this regard, new double perovskite Y₂FeMnO₆ which combines the unique properties of both YFeO₃ and YMnO₃ single perovskites in a single compound is studied. The individual property of B and B’cations greatly influence the physiochemical nature of the double perovskite, thus the effect of the interaction of Fe and Mn ions on the properties of double perovskite Y₂FeMnO_6, is investigated. Double perovskite Y₂FeMnO₆ is synthesized through solid-state reaction method with subsequent sintereing. Distorted orthorhombic Pbnm structure with the random ordering of Fe and Mn cations at the octahedral sites is confirmed. Raman phonon modes and UV transitions substantiate the orthorhombic structure. The influence of Mn³⁺ ions on Fe³⁺ exchange integral paths leads to a shift of Neel temperature nearer to room temperature. A strong frequency-dependent dielectric dispersion is observed, attributed to Maxwell–Wagner type. Temperature-dependent relaxations are evidenced in the vicinity of magnetic transition, proving the influence of electric and magnetic ordering on each other. These observations open a route to achieve magnetoelectric effect at higher temperatures in Y₂FeMnO₆, making it new plausible material in memory device manufacturing.