The magnetic spin ordering and the magnetization dynamics of a double perovskite Pr₂CoFeO₆ have been investigated by employing the (dc and ac) magnetization and neutron powder diffraction techniques. The study revealed that Pr₂CoFeO₆ adopted a B-site disordered orthorhombic structure (Pnma). Furthermore, ab initio band structure calculations suggested an insulating antiferromagnetic ground state. Magnetization measurements revealed that the system possesses a spectrum of competing magnetic phases, viz., long range canted antiferromagnetic (AFM) spin ordering (T_N~269 K), Griffiths-like phase, re-entrant cluster glass (T_G~34 K), and exchange bias effects. The neutron diffraction study divulged the exhibition of a long range G-type of canted AFM spin ordering. The random nonmagnetic dilution of magnetic Fe³⁺ (high spin) ions by Co³⁺ (low spin) ions due to B-site disorder essentially played a crucial role in manifesting such magnetic properties of the system.