BiFe0.5Mn0.5O3 could be stabilized in the perovskite structure by preparing it under high pressure and temperature. It has an orthorhombic structure with a possible ordered arrangement of Fe and Mn double rows and shows a magnetic ordering at high temperature (270 K). Low-temperature isothermal-magnetization measurements indicate the ground state to be antiferromagnetic with a spin canting. Surprisingly, it exhibits magnetization reversal at low applied fields below a compensation temperature, T*. Below T*, the sign of the magnetization can be switched between negative and positive value reversibly by increasing and decreasing the field. Magnetization reversal in this oxide seems to result from a competition between single-ion magnetocrystalline anisotropy and antisymmetric Dzyaloshinsky-Moriya interactions. © 2010 The American Physical Society.