The oxygen-deficient manganite La0.5Sr1.5Mn0.5Cr0.5O4-delta has been prepared by citrate gel route at 1,300 A degrees C. Rietveld profile analysis shows that the phase crystallizes with tetragonal unit cell in the space group I4/mmm with oxygen deficiency at the O(1) site. The magnetic studies suggest that the ferromagnetic interactions are dominant because of Mn3+-O-Mn4+ and Mn3+-O-Cr3+ double exchange interactions. On analyzing the electrical resistivity data, it has been concluded that Mott's variable range hopping model fits well.