This paper mainly reports detailed studies of structural, dielectric, impedance and ferroelectric properties of Bi(Fe0.85Dy0.15)O3 (termed as BFDO15), fabricated via solid state reaction (SSR) method. Analysis of X-ray diffraction (XRD) data confirm the crystal symmetry changes from rhombohedral to orthorhombic symmetry. The scanning electron micrograph collected through field emission scanning electron microscopy (FE-SEM) shows a regular distribution of grains over the sample surface. The elemental composition of the sample was examined by using energy dispersive X-ray micro-analysis (EDXMA) and this confirms the existence of constituent elements of the sample. The electrical measurement was carried out using a computer-controlled phase sensitive multimeter (PSM) in a frequency range of 1 kHz - 1000 kHz and temperature range of 25 ºC – 500 ºC. Study of dielectric properties shows high dielectric permittivity and small value of dielectric loss in the sample. The frequency dependent impedance and electrical modulus analysis reveals the presence of a semiconducting nature and non-Debye type relaxation process. Analysis of ac-conductivity with respect to frequency obeys the universal Jonscher’s power law. The electric polarization study shows enhancement in ferroelectric property of the material. Hence, based on the significant enhancement found in the structural, electrical and ferroelectric properties of BFDO15 material, it could be a promising candidate for modern device applications.