In this paper, the phase, morphology, leakage current, and magnetic properties of Gd2O3 doped BiFeO3 ceramics prepared by fast liquid-phase sintering method were studied. XRD results show that Gd2O3 doping promotes the formation of a bismuth-rich phase (Bi25FeO40) and reduces the cell volume. At the same time, the phase of the ceramics transforms from three sides to opposite side, and Gd2O3 doping causes the rhombohedral structure distorts and transforms into an orthorhombic structure. SEM analysis shows that Gd2O3 doping can refine the ceramic grains. The analysis of the electrical properties show that the leakage current of ceramic samples is large, but the doping of Gd2O3 can significantly reduce the leakage current. The leakage current characteristic analysis shows that the leakage current characteristic of ceramics under low electric field is ohmic conduction, and the leakage current characteristic of pure BiFeO3 ceramics under high electric field is Schottky emission mechanism, which gradually changes into space charge limited current (SCLC) mechanism with the increase of Gd2O3 doping amount. The magnetic studies show that the magnetic Gd2O3 particles introduced by doping are uniformly distributed in the grain boundaries of ceramics, which significantly improves the magnetic properties of ceramics.