Praseodymium (Pr) and Bismuth (Bi) co-doped Yttrium Iron Garnet (PrxBiY2-xFe₅O₁₂, where x = 0.1, 0.25, 0.5, and 1.0) nanoparticles were synthesized via a self-combustion-assisted sol-gel method. Structural analysis confirmed the formation of a pure cubic Y₃Fe₅O₁₂ (YIG) phase without any secondary phases. Morphological characterization and energy dispersive spectroscopy (EDS) confirmed the successful incorporation of Pr³⁺ and Bi3+ ions into the YIG ferrite structure. Optical measurements showed a decreased optical band gap attributed to new energy levels introduced by Pr³⁺ doping. Magnetic characterization exhibited typical ferrimagnetic behaviour, with reduced saturation magnetization, coercive field, and anisotropy constant as Pr³⁺ content increased, indicating disruption in magnetic alignment. While challenges remain in balancing enhanced dielectric properties with reduced magnetic alignment and ensuring stability for practical applications, the composition with x = 0.25 demonstrated balanced magneto-dielectric properties. This makes it a promising candidate for multifunctional microwave applications such as filters and resonators.