A NASICON-structured earth-abundant mixed transition metal (TM) containing Na-TM-phosphate, viz., Na2ZrFe(PO4)3, has been prepared via a sol-gel route using a low-cost Fe3+-based precursor. The as-prepared material crystallizes in the desired rhombohedral NASICON structure (space group: R3̅c) at room temperature. Synchrotron X-ray diffraction (XRD), transmission electron microscopy, X-ray absorption spectroscopy, etc., have been performed to determine the crystal structure, associated details, composition, and electronic structures. In light of the structural features, as one of the possible functionalities of Na2FeZr(PO4)3, Na-intercalation/deintercalation has been examined, which indicates the occurrence of reversible electrochemical Na-insertion/extraction via Fe2+/Fe3+ redox at an average potential of ∼2.5 V. The electrochemical data and direct evidences from operando synchrotron XRD indicate that the rhombohedral structure is preserved during Na-insertion/extraction, albeit within a certain range of Na-content (i.e., ∼2-3 p.f.u.), beyond which rhombohedral → monoclinic transformation takes place. Within this range, Na-insertion/extraction takes place via solid-solution pathway, resulting in outstanding cyclic stability, higher Na-diffusivity, and good rate-capability. To the best of the authors' knowledge, this represents the first in-depth structural, compositional, and electrochemical studies with Na2ZrFe(PO4)3, along with the interplay between those, which provide insights into the design of similar low-cost materials for various applications, including sustainable electrochemical energy storage systems.