Nanocrystalline Bi5Ti3FeO15 layered perovskite exhibiting Aurivillius phase was synthesized by polymerized complex (PC) method and investigated for its physico-chemical as well as optical properties. The crystallization of Bi5Ti3FeO15 synthesized by PC method was found to occur in the temperature range of 800-1050 degress C, whereas the single crystalline Bi5Ti3FeO15 formed at 1030 degrees C by solid state reaction (SSR) method. The observation of highly pure phase and such lower crystallization temperature in Bi5Ti3FeO15 prepared by PC method, is in total contrast to that observed in Bi5Ti3FeO15 prepared by the conventional solid-state reaction (SSR) method. The band gap of nanocrystalline Bi5Ti3FeO15 determined from UV-Vis diffusion reflectance spectrometer was 2.38 eV (525 nm). The photocatalytic activity of Pt/Bi5Ti3FeO15 prepared by PC method was investigated with the photodecomposition of isopropyl alcohol (IPA) and hydrogen production from water-methanol mixed solution under visible light (lambda > or = 420 nm). The respective activities for PC sample were higher than that of Pt/Bi5Ti3FeO15 prepared by SSR as well as Pt/TiO(2-x)N(x).