The structural and temperature-dependent magnetic and electrical properties of the polycrystalline perovskite La_0.50Pr_0.50Mn_0.8Co_0.2O₃ have been thoroughly investigated. The polycrystalline sample was synthesized through the solid-state reaction method. The as-prepared sample was analyzed using XRD, and the Rietveld refinement of the X-ray pattern suggested a single-phase crystalline sample with an orthorhombic structure that crystallizes in O′ symmetry (a ≥ c ≥ b/√2). The refined lattice parameters were determined to be a = 5.5160(6) Å, b = 7.7587(8) Å, c = 5.4903(5) Å. The FESEM results showed the shapes and sizes of the as-prepared sample, while the EDAX spectra confirmed the elements present in the sample. Magnetic measurements indicated a relaxation mechanism in the sample, with the reversibility point of the ZFC and FC curves decreasing with increasing applied field, at 177 K, 166 K, and 131 K. This suggests that the magnetic relaxation of moments is dependent on the applied magnetic field, and the derivative d(M_FC − M_ZFC)/dT indicates the magnetic relaxation. The inverse magnetic susceptibility curve χ⁻¹ (T) plot gave the paramagnetic Curie temperature at ~ 264 K. The M-H curves indicated the transition from the paramagnetic to the ferromagnetic phase. The R-T measurements of the La_0.50Pr_0.50Mn_0.8Co_0.2O₃ sample were taken at an applied magnetic field of 0 T and 7 T. The R-T plot showed the insulating behavior of the sample, and the magnetoresistance (MR) was found to be 6% at 90 K and ~ 2% at 290 K temperature.