The fabrication of ferroelectric films of modified lead iron niobate by a multiple magnetron sputtering technique with a subsequent rapid thermal annealing at 800°C for 5 seconds is reported. Since the magnetic properties of pure iron preclude its use in magnetron sputtering, a non-magnetic stainless steel was used as one of the target materials resulting in a ferroelectric of composition Pb[(Fe0.7Cr0.2Ni0.1)0.5Nb0.5]O3. The reaction sequence involved in the formation of the ferroelectric perovskite phase has been identified. The films exhibit unsaturated ferroelectric hysteresis loops with a remanent polarization of 15 μC/cm2and a coercive field of 100 kV/cm. The room temperature dielectric constant and dielectric loss at 1 kHz were 640 and 0.1, respectively. The dielectric constant showed a dielectric anomaly as a function of temperature in the form of a broad maximum around 90°C confirming the ferro-para electric phase transition. The films were highly insulating with a room temperature conductivity of ≈1 X−12Ω−1cm−1, and an activation energy of 0.8 eV.