Low lying states of $^{150}$Sm have been studied through decay spectroscopy of odd-odd $^{150}$Pm, populated with $^{150}$Nd(p,n)$^{150}$Pm reaction at E$_beam$=8.0 MeV using 97% enriched $^{150}$Nd target and VENUS array of six Compton suppressed Clover HPGe detectors. Twenty new transitions are placed, five tentative $\gamma$-rays are confirmed and ten transitions are found to have altered placements; consequently assigning fourteen new levels to the decay scheme of $^{150}$Pm. The $\beta$ decay end-point energies corresponding to the decay from the $^{150}$Pm->$^{150}$Sm have been measured by using a $\beta$-$\gamma$ coincidence setup of two thin window Planar HPGe detectors and four Clover HPGe detectors of the VENUS array. A large basis shell model calculation has been performed to understand the low lying yrast structures of $^{150}$Pm and $^{150}$Sm. A variety of shapes and excitations having different degrees of collectivity are found to coexist in N=88 Sm nucleus.