Rare-earth orthochromite is an interesting system in the view of its complex magnetic ordering due to competing interaction between different magnetic ions. Here, Fe-substituted SmCrO3 samples were prepared by solid-state route to investigate their intriguing magnetic properties towards exploring its application potential. The magnetic studies revealed antiferromagnetic ordering at Nèel temperature (T
N) ~ 181 K, magnetic compensation temperatures (TCOMP) at ~ 137 K and 50 K, and spin-reorientation temperature (T
SR) at 64 K in SmCr0.8Fe0.2O3 sample. Additionally, the system exhibited negative magnetization under field-cooled conditions which allowed the field as well as temperature controllable magnetization switching behavior. Notably, the Fe-substituted SmCrO3 sample displayed a remarkable exchange bias (HEB) value of ~ 1.39 T at 10 K due to the coexistence of ferromagnetic and antiferromagnetic ordering at different cationic sites. The M-H loops recorded under positive and negative field-cooled conditions ruled out the minor-loop effect. Theoretical models applied on the training effect studies confirmed the observed exchange-bias effect.