The PbFe0.5Nb0.5O3 (PFN), a well-known A(B'1/2B"1/2)O3 type multiferroic was successfully synthesized in single phase by a single step solid state reaction method. The single phase PFN was characterized through XRD, microstructure through SEM, and magnetic studies were carried out through temperature dependent vibrating sample magnetometer (VSM) and neutron diffraction (ND) measurements. PFN exhibits a cusp at around 150 K in the temperature dependent magnetic susceptibility corresponding to the Néel temperature (TN1) and another peak around 10 K (TN2) corresponding to spin-glass like transition. In the temperature dependent ND studies, a magnetic Bragg peak appears at Q = 1.35 {Å}-1 (where Q = 4{π}sin theeta/lambda, is called the scattering vector) below TN (150 K) implying antiferromagnetic (AFM) ordering in the system. On the basis of Rietveld analysis of the ND data at T = 2 K, the magnetic structure of PFN could be explained by a G-type antiferromagnetic structure. ; Comment: 13 pages, 5 figures in Physica B: Condensed Matter (2014)