This paper reports on the investigation of the structural, optical, and magnetic properties of a new double perovskite material Bi2CoCrO6 (BCCO), which was synthesized using a gel combustion route. The purity of the material and the formation of a tetragonal structure with space group I4/mmm (#139) were confirmed through Rietveld refinement of an X-ray diffraction pattern. The presence of metal–oxygen bonding was confirmed through Fourier transform infrared spectrum (FTIR) analysis of the material. The band gap of the material was found to be 2.95 eV through UV-Vis spectroscopy and Tauc plot analysis. The material was also found to exhibit ferromagnetic behavior with a saturation magnetization of 0.3768 emu/g at room temperature, and a ferromagnetic Curie temperature of around 450 K. These findings suggest that BCCO has potential for use in spintronics applications.