Magnetization, magnetoresistance, and magnetodielectric measurements have been carried out on oxygen deficient charge ordered manganite, Pr0.5Ca0.5MnO3-delta. The low temperature state shows characteristics which are strongly dependent on the oxygen stoichiometry. A disorder driven phase separation in low temperature state is noticed in the magnetization curve, magnetoresistance, and dielectric measurements which are attributed to oxygen deficiency in the compound. Magnetization and magnetoresistance curves at low temperature display melting of charge ordering and appearance of ferromagnetic metallic state above a critical field, approximate to 35 kOe. This melting of charge ordered state is not observed even up to 50 kOe for the specimen which is annealed in oxygen atmosphere. A considerable magnetodielectric (MD) effect is noticed close to room temperature at 280 K which may be useful for technological applications. Strongest MD effect observed in the range 180-200 K, around T-N, is found to be uncorrelated with magnetoresistance. The strong MD effect seems to emerge from the high sensitivity of incommensurate state to the external perturbation such as external magnetic field. (C) 2011 Elsevier B.V. All rights reserved.