A solid solution between relaxor ferroelectric PbMg1/3Nb2/3O3 (PMN) and multiferroic BiFeO3 (BFO) has been synthesized by a solid-state chemical reaction route. The comprehensive x-ray diffraction studies of (1-x)PbMg1/3Nb2/3O3-xBiFeO(3) [(1-x)PMN-xBFO] confirm the realization of stable and orthorhombic crystal systems. From the dielectric study, relaxor behavior has been observed, which is corroborated by a broadened peak and diffusive phase transition. The magnetoelectric (ME) properties have been explored through P-E loop, M-H loop, and magnetoelectric coefficient analyses. The simultaneous occurrence of polarization and magnetization reveals the ME coupling response of the PMN-BFO compounds. Excellent values of P-S=15.94 mu c/cm(2), P-r=7.68 mu c/cm(2), M-S=12.96emu/g, M-r=1.25emu/g, and ME coefficient value of 220mV/cmOe for x=0.3 are obtained, which is helpful for magnetoelectric field sensor applications. To ascertain its sensing capability, a prototype has been developed, and the sensing behavior of the device has been established by placing it near a designed helical coil electromagnetic field generator structure.