With the expansion of the technology and science of nanostructured materials the search for the miniaturization of electronic components has increased. Particularly, multiferroic materials with magnetoelectric properties, due to their correlation between the electrical and magnetic properties have attracted the attention of many researchers to be used in micro and nano devices. Perovskite structured materials based on BiFeO3 is a class of materials largerly considered in these studies. In this work, BiFe1-yCoyO3 (y = 0.01, 0.015 and 0.02) ceramic compositions were synthesized aiming a better understanding of the structural, dielectric, magnetic and magnetoelectric properties of these materials. The samples were processed in a high-energy milling, fast sintering and fast cooling protocol. Measurements were made by X-ray diffraction, and Rietivield refinement evidencing the rhombohedral symmetry of the ceramics with space group R3c. The magnetization measurements showed a possible antiferromagnetic behavior. The results of dielectric constants and loss tangents decrease with increasing frequency and increase with increasing temperature. We have a linear increase in the value of the magnetoelectric coefficient for the system evidencing in itself a possible multiferroic interaction at room temperature.