We report the synthesis (solid-state reaction) & characterization of the cobalt modified lanthanum silver manganate (La0.85Ag0.15Mn0.8Co0.2O3) ceramic and explore possible applications. The room temperature x-ray diffraction data (XRD) analysis using FullProf Rietveld refinement predicts the rhombohedral crystal symmetry (#R \(\:\overline{3}\) c) with a crystallite size of 34 nm. Scanning electron micrograph shows the dense structure of as prepared sample. The well-grown grains with distinct grain boundaries are playing an important role to understand conductivity mechanism. The purity and uniform distribution of all constituent elements were confirmed using the energy dispersive x-ray analysis spectrum and color mapping, respectively. The study of FTIR spectrum confirms the presence of all constituent atomic vibrations of the studied sample. The study of both frequency and temperature dependence of dielectric properties reveals that prepared compound has high dielectric constant and low loss, which may be good candidate for energy storage devices. The study of impedance plots confirms the semiconducting nature of the sample, which is strongly supported from the ac conductivity and Nyquist’s plots analysis. Again, the study of the modulus plots support to the presence of the non-Debye type of relaxation mechanism and analysis of the resistance versus temperature plots supports NTC thermistor character and may found suitable for temperature sensors.