New layered perovskite oxide La0.5Sr1.5Ti0.5Fe0.5O4 has been synthesized by the ceramic method. The powder X-ray diffraction studies show that the phase crystallizes with tetragonal unit cell in the space group I4/mmm. The electrical properties suggest that the phase is an electrical insulator and electrical conduction occurs by variable range hopping mechanism. Magnetic studies of the phase suggest that it is antiferromagnetic.