The magnetic properties of manganites are extremely sensitive to the doping-induced structural (e.g., crystal structure, site occupancy and chemical ordering) modulations. Here, we report the effect of B-site bismuth doping on the magnetic and transport properties in La0.5Ca0.5Mn1-xBixO3 (LCMBO) thin films (for x=0, 0.02 and 0.05) for high-efficiency spintronics devices. For thin film of LCMBO (with x=0.02), a significant increase in the magnetization and ferromagnetic ordering temperature (T-C) is observed. Also, about 98% magnetoresistance (MR) and unusually large (similar to 42%) anisotropic magnetoresistance (AMR) are observed at 50K in the same LCMBO (for x=0.02) thin film. This observed improvement in T-C, MR and AMR in LCMBO (with x=0.02) thin film may be attributed to the modulation of the trapped electrons through JT distortions due to the replacement of Mn3+ ions by larger Bi3+ ions. With a further increase in bismuth doping (for x=0.05) at the B-site, a significant decrease in magnetization and T-C has been observed.