A study on Lithium ferrite/chitosan nanocomposite (LFCN), easily moldable into arbitrary shapes, as the conducting polymer and ferromagnetic characteristics is presented. The composite material is produced in the presence of Li0.5Cr0.1Fe2.4O4 and Li0.5Co0.1Fe2.4O4 nanoparticle by ex-situ polymerizations process. Various characterizations techniques have been used to explore the characteristic of the synthesized products. The frequency dependent dielectric properties and electrical conductivity of all the samples have been measured through complex impedance plot in the frequency range of 1 kHz-6 MHz at room temperature. It was observed that in case of (LFCN), fluctuation in value of (epsilon') and (epsilon '') is ceased over the frequency range of 4 Mz which can be attributed to the steady storage and dissipation of energy in the nanocomposite system. Moreover, it is also observed that electrical conductivity of (LFCN) increases with frequency and its value was found to be (0.032-0.048) (ohm-cm)(-1) in frequency range of 1 kHz-6 MHz. Due to its low cost, a simple synthesis process and high flexibility, the proposed LFCN may find applications in various types of electronic components. (C) 2014 Elsevier B.V. All rights reserved.