Materials with tunable charge and lattice degrees of freedom provide excellent platforms for investigating multiple phases that can be controlled via external stimuli. We show how the charge-ordered ferroelectric oxide Ag₂BiO₃, which has been realized experimentally, presents a unique exemplar of a metal-insulator transition under an external electric field. Our first-principles calculations combined with a symmetry analysis, reveal the presence of a nearly ideal hourglass-Dirac-semimetal state in the nonpolar structure of Ag₂BiO₃. The low-energy band structure consists of two hourglass-like nodal lines located on two mutually orthogonal glide-mirror planes in the absence of spin-orbit coupling (SOC) effects. These lines cross at a common point and form an interlinked chain-like structure, which extends beyond the first Brillouin zone. Inclusion of the SOC opens a small gap in the nodal lines and results in two symmetry-enforced hourglass-like Dirac points on the C_2y screw rotation axis. Our results indicate that Ag₂BiO₃ will provide an ideal platform for exploring ferroelectric-semiconductor to Dirac-semimetal transition by the application of an external electric field.