In this investigation, multiferroic bulk ceramic materials with nominal compositions Bi1-xSmxFe1-yTiyO3 (x, y = 0.00, 0.03, 0.06) are synthesized by conventional solid-state reaction technique. Their corresponding nanoparticles are fabricated from these bulk powder materials using cost-effective ultrasonication method. Then, the structural and multiferroic properties of the synthesized nanoparticles and their bulk-counterparts are compared. The X-ray diffraction patterns of 6% Sm-Ti co-substituted BiFeO3 nanoparticles as well as their bulk powder materials confirm rhombohedral to orthorhombic structural phase transition. Dynamic Light Scattering analysis (DLS) demonstrates the formation of particles with a size in the range of 10-100 nm for the 6% Sm-Ti co-substituted BiFeO3 sample. The fabricated nanoparticles of this particular composition also exhibit suppressed leakage current density and enhanced ferroelectric behavior. These nanoparticles also demonstrate improved ferromagnetic behavior compared to their bulk counterparts. Thus, the present investigation illustrates the impact of Sm and Ti as co-doping elements with 6% concentration in BiFeO3 nanoparticles with improved structural and multiferroic properties required for practical applications.