In this study, the dielectric, magnetic and transport properties of $Gd_{0.33}Sr_{0.67}FeO_3$ have been analyzed. The dielectric loss anomaly was found to be around 170 K. The activation energy corresponding to relaxation process of this dielectric anomaly was 0.17 eV. From the temperature dependence of the characteristic frequency, we concluded that the elementary process of the dielectric relaxation peak observed is correlated with polaron hopping between $Fe^{3+};and;Fe^{4+}$ ions. The electrical resistivity displayed thermally activated temperature dependence above 200 K with an activation energy of 0.16 eV. In addition, the temperature dependence of thermoelectric power and resistivity suggests that the charge carrier responsible for conduction is strongly localized.