Experimentally the polarization P and the magnetization M of BaTiO3 (BTO) nanoparticles are altered under doping with transition metals as Fe‐ions. Using a modified spin model for the magnetic and the ferroelectric part as well as the magnetoelectric coupling we have calculated the dependence of M and P on the Fe‐doping content in BTO nanoparticles. The ferroelectric and ferromagnetic phase transition temperatures, Tcfe and Tcfm, are likewise shifted due to doping. Owing to surface effects the influence of doping could be stronger compared to the bulk behavior. Whereas M and Tcfm increase with increasing Fe‐ion concentration, P and Tcfe decrease if the dopant concentration is enhanced.