Here we report the structural, dielectric, electric polarization and magnetic properties of Bi_1−xPr_xFeO₃ (0≤x≤0.15) ceramic compounds. The samples have been synthesized by conventional solid state reaction method at 815°C and it was observed that they crystallize in the rhombohedral structure. Rietveld refinement was carried out with two possible space groups viz. R3C and P1. With an increase in Pr content the dielectric constant increases, whereas the dielectric loss decreases. Pristine and substituted BiFeO₃ compounds exhibited substantial ferroelectric polarization at room temperature. An optimum or saturation like scenario was noticed with x=0.12 sample. Isothermal magnetization (M-H) plots of pristine BiFeO₃ indicated weak ferromagnetic (FM) character presumably due to the presence of minute Bi₂₅FeO₃₉ secondary phase. It is also observed that the magnetic Neel temperature (T_N) increases with increasing Pr content. Interestingly, with Pr substitution at Bi-site the impurity phase tends to disappear and the antiferromagnetic (AFM) nature appears at 300K.