A new Ruddlesden-Popper phase NdSr2MnCrO7 has been prepared by the standard ceramic method. The powder X-ray diffraction studies suggest that the phase crystallizes with tetragonal unit cell in the space group I4/mmm. The electrical transport properties show that the phase is an electrical insulator and the electrical conduction in the phase occurs by a 3D variable range hopping mechanism. The magnetic studies suggest that the ferromagnetic interactions are dominant.