Nd and Ti co-doped bismuth ferrite $(Bi_{1-x}Nd_x)(Fe_{1-y}Ti_y)O_3$ (x, y = 0, 0.05, 0.1, 0.2) ceramics and thin films were synthesized through the conventional mixed-oxide process and pulsed laser deposition (PLD), respectively. Nd and Ti co-doping effect was examined with emphasis on how these impurities affect phase formation behavior as there could be the improvement in leakage current problems often associated with multiferroic $BiFeO_3$ (BFO) thin films. The lattice constants of BFO ceramics decreased with Nd doping concentration up to 10mol%, while they further decreased with Nd and Ti co-doping to about 20%. BFO thin films obtained by the PLD process revealed random polycrystalline structure. Similar to bulk BFO ceramic, Nd and Ti co-doping effectively suppressed the formation of unwanted secondary phase and thus stabilized the perovskite phase in BFO thin films.