A group-theoretical analysis of the magnetic phase of BiMn2O5 oxide is performed using the space symmetry group of the compound. Using the projection operator method, we determine the basis functions of the irreducible representation of the space group, which are expressed in terms of the magnetic vector components. This representation can govern two phase transitions from the paramagnetic state to the antiferromagnetic phase with close temperatures and ordering of the spins of manganese ions in two crystallographic positions. It is found from renorm group analysis of these transitions that when these transitions occur as second- order transitions, the electric polarization does not appear in the system because spin fluctuations in this case elevate the symmetry of the system. Polarization appears when at least one of these transitions becomes a first-order transition as a result of spin fluctuations.