Eco-friendly 0.92(Na0.5Bi0.49Nd0.01TiO3)-0.08(BaTiO3) [denoted as NBNT-BT 92/8] ceramic is synthesized with the help of conventional solid state reaction route. The structural phase pure studies reveals, the compound stabilizes into mixed phase of Cc + P4 mm and the surface morphology of microstructure shows the uniform distribution of Nd. The temperature dependent dielectric study reveals two typical anomalies with the diffuse phase transition and show the relaxor future estimated with the help of diffusivity (γ). From the temperature dependent polarization and room temperature bipolar strain hysteresis loops over broad electrical field range from (0–73) kV cm−1, the estimated energy storage density, energy storage efficiency, and strain values are Wrec ≈ 1.53J cm−3, η ≈ 93(%), and S(%) ≈ 0.4, respectively, which is the best obtained value among available various reported lead-free piezoelectric ceramics. The adiabatic or electrocaloric temperature change (ΔT) is calculated to be ΔT ≈ 0.95 K at 50 kV cm−1. The obtained valued of ΔT, strain and energy storage density for NBNT-BT 92/8 is tremendous enhancement compared with absence of Nd in NBT-BT 92/8. © 2018 WILEY-VCH Verlag GmbH & Co. KGaA, Weinheim