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The compound BiFe0.7Mn0.3O3 consisting at room temperature of coexistent anti-polar orthorhombic and polar rhombohedral phases has a metastable structural state, which has been studied by laboratory X-ray, synchrotron and neutron diffraction, magnetometry, differential thermal analysis, and differential scanning calorimetry. Thermal annealing of the sample at temperatures above the temperature-driven phase transition into the single phase rhombohedral structure (~700 K) causes an increase of the volume fraction of the rhombohedral phase at room temperature from ~10% up to ~30%, which is accompanied by the modification of the magnetic state, leading to strengthening of a ferromagnetic component. A strong external magnetic field (~5 T) applied to the sample notably changes its magnetic properties, as well as provides a reinforcement of the ferromagnetic component, thus leading to an interaction between two magnetic subsystems formed by the antiferromagnetic matrix with non-collinear alignment of magnetic moments and the nanoscale ferromagnetic clusters coexisting within it. The modification of the structural state and magnetic properties of the compounds and a correlation between different structural and magnetic phases are discussed focusing on the effect of thermal annealing and the impact of an external magnetic field. [ABSTRACT FROM AUTHOR]