Magnetoelectric effect in multiferroic materials is widely studied for its fundamental interest and practical applications. The magnetoelectric effect observed for single phase materials like Cr2O3, BiFeO3, Pb(Fe0.5Nb0.5)O3is usually small. A much larger effect can be obtained in composites consisting of magnetostrictive and piezoelectric phases. This paper investigates the magnetostrictive and magnetoelectric properties of nickel ferrite Ni0.3Zn0.62Cu0.08Fe2O4- relaxor Pb(Fe0.5Nb0.5)O3bulk composites. The magnetic properties of composites shows a dependence typical of such composite materials, i.e. it consists of a dominating signal from ferrimagnetic phase (ferrite) and a weak signal from paramagnetic (antiferromagnetic) phase (relaxors). Magnetoelectric effect at room temperature was investigated as a function of static magnetic field (300-7200 Oe) and frequency (10 Hz-10 kHz) of sinusoidal modulation magnetic field. The magnetoelectric effect increase slightly before reaching a maximum at HDC= 750 Oe and then decrease. The magnetoelectric coefficient increases continuously as frequency is raised, although this increase is less pronounced in the 1-10 kHz range.