Dielectric and ferroelectric properties of 0.93Bi0.5Na0.5TiO3–0.07BaTiO3 (BNT–BT) and 0.93Bi0.5Na0.5TiO3–0.06BaTiO3–0.01K0.5Na0.5NbO3 (BNT–BT–KNN) ceramics were studied in detail. An XRD analysis confirmed the single perovskite phase formation in both the samples. Room temperature (RT) dielectric constant (εr) ~1020 and 1370, respectively at 1 kHz frequency were obtained in the BNT–BT and BNT–BT–KNN ceramics. Temperature dependent dielectric and the polarization vs. electric field (P–E) studies confirmed the coexistence of ferroelectric (FE) and anti-ferroelectric (AFE) phases in the BNT–BT and BNT–BT–KNN ceramics. Substitution of KNN into the BNT–BT system decreased the remnant polarization, coercive field and the maximum strain percentage. The energy storage density values ~0.485 J/cm3 and 0.598 J/cm3 were obtained in the BNT–BT and BNT–BT–KNN ceramics, respectively. High induced strain% in the BNT–BT ceramics and the high energy storage density in the BNT–BT–KNN ceramics suggested about the usefulness of these systems for the actuator and the energy storage applications, respectively.