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To realize multiferroic and magnetoelectric properties, bi-layered nanocomposite films consisting of CoFe2O4 (CFO)/Pb1-xSrxTiO3 (PST) phases (x=0.1, 0.2, and 0.3) have been deposited on Pt/TiO2/SiO2/Si substrate by using a metallo-organic decomposition process. Both the PST perovskite and the CFO spinel phases are confirmed from X-ray diffraction patterns and Raman spectra of the composite films. The composite films exhibit room temperature multiferroic properties. The values of saturation magnetization (Ms), remanent magnetization (Mr), and coercive field (Hc) of the composite films are in the range of 108-119 kA/m, 42-51 kA/m, and 44.5-64.1 kA/m, respectively. In addition, the saturation polarization (Ps), remanent polarization (Pr), and electrical coercive field (Ec) are observed in the range of 11.3-14.4 μC/cm², 2.9-4.8 μC/cm², and 56-59.5 kV/cm, respectively. The dielectric response in the presence of applied magnetic field, Hdc∼238.6 kA/m shows a high magnetocapacitance value ∼385% at frequency 100 kHz for CFO/PST composite film with x=0.1. The maximum magnetoelectric voltage co-efficient value, αE∼380 kV/(m×T) has been achieved in the composite films with x=0.1. The influence of elastic/and or interfacial strain on multiferroic magnetoelectric properties is evident from the results. [ABSTRACT FROM AUTHOR]