The magnetodielectric effect is closely related to multiferroic or magnetoelectric coupling; thus, it can be used to predict magnetoelectric coupling, especially in compounds with special magnetic properties. The magnetodielectric response can often be used to predict many interesting and meaningful physical coupling mechanisms. Therefore, fabricating magnetodielectric materials is an effective step toward the development of magnetoelectric materials. Herein, we synthesize the mixed-valence layered ferrimagnetic molecular compound (C6N2H14)(Fe2FeF8)-Fe-III-F-II(HCOO)(2) (1) and demonstrate that it exhibits both slow magnetic relaxation behavior and long-range magnetic order. This long-range order occurs because of the coexistence and competition between two typical magnetic interactions, namely, an FeIII-F-Fe-II superexchange and a long-distance superexchange Fe-II-O-C-OFeIII-F-Fe-III path in the interlayer and interchain spin frustration. Notably, this compound also demonstrates two abnormal dielectric relaxation processes: the first process is dominated by dynamic guest cations, while the other process is related to the increasing magnetic correlation. Over a wide temperature range below 170 K, the magnetodielectric effect reveals that the magnetic correlation maybe promotes electron dynamics and leads to magnetodielectric coupling. These findings pave a novel path for designing magnetodielectric molecular materials.