In this study, polycrystalline (1 − y) [0.996Na0.475K0.475Li0.05Sb0.05Nb0.95O3–0.004Bi0.95Nd0.05FeO3] (NKLNSO–BNFO) + (y) [Co0.50Cu0.15Zn0.35Fe1.95Mn0.05O4] (CCZMFO) (where y = 0.0–1.0) composites were prepared via the solid-state sintering route at 1273 K and 1323 K. The XRD and FTIR analyses asserted that the individual phases belong to the orthorhombic and cubic spinel structure, respectively, and additionally confirm the coexistence of the individual phases. The dielectric constant was decreased while the dielectric loss increased with increasing CCZMFO content. The grain size was decreased with increasing CCZMFO content due to the pinning effect. The $$\left( {\varepsilon^{\prime}_{\max } \left( \omega \right) - \varepsilon^{\prime}_{\min } \left( \omega \right)} \right)/\varepsilon^{\prime}_{\max } \left( \omega \right) $$ ratio was increased with increasing CCZMFO content and tanδ exhibits suitable value at x = 0.4 and x = 0.3 at 1273 K and 1323 K. The complex impedance and electric modulus studies revealed a significant benefaction from the grain boundary contribution to the electrical conduction and exhibited non-Debye relaxation. The AC conductivity study asserted that the small polaron hopping is ascribed to electrical conduction. The permeability exhibits almost frequency-independent characteristics. A maximum magnetoelectric voltage coupling coefficient of ~ 1.35 V cm−1 Oe−1 was observed with 80% CCZMFO at 1323 K.