We synthesized double perovskite Pr2FeCrO6 by solid-state method. Analysis of its X-ray powder diffraction shows that the compound crystallizes in a centrosymmetric structure with space group Pbnm. Our X-ray photoelectron spectroscopy (XPS) studies show that all the cations are present in +3 oxidation state. Magnetization studies of Pr2FeCrO6 show that the material is paramagnetic at room temperature and undergoes a magnetic transition below T-CM = 250 K. We observe clear magnetic hysteresis loop, for example, below 150 K. A low remnant magnetization M-r, similar to 0.05 mu(B)/f. u., is inferred from the observed magnetic hysteresis loop. Fe-57 Mossbauer study at 25 K shows a high hyperfine magnetic field of similar to 53 T at the Fe nucleus, which corresponds to a magnetic moment of similar to 6-7 mu(B)/Fe. These two results together suggest a ferrimagnetic (nearly compensated or canted) ordering of the Fe moments. Mossbauer studies dose to the ferrimagnetic ordering temperature suggest interesting magnetic relaxation effects. A dielectric anomaly observed at T-CE = 453 K signals a ferroelectric <-> paraelectric phase transition. We observe at room temperature a clear and well-defined ferroelectric hysteresis loop, P-S = 1.04 mu C/cm(2), establishing ferroelectricity in the material. From these results, we conclude that Pr2FeCrO6 is a type I multiferroic (T-CE > T-CM).