Rose flower shaped cobalt ferrite has been synthesized by a facile and template-free hydrothermal method. The advantages of CoFe2O4for fabricating efficient photovoltaic devices are investigated in this work. As-synthesized material was investigated by X-ray diffraction, field-emission scanning electron microscope which revealed the formation of rose shaped single phase CoFe2O4. Dielectric study in the frequency range from 100 Hz to 1 mHz revealed an increase in dielectric constant along with a decrease in dielectric loss under illumination (λ ≥ 390 nm). Achievement of such high dielectric constant as well as low dielectric loss simultaneously in a particular material is very rare. It was found that CoFe2O4 exhibited obvious photocurrent responses under illumination. The electrical properties were further analysed by current-voltage (I-V) measurements under dark and illuminated condition and with increasing temperature. As a result a temperature dependence of the current-voltage characteristics was obtained. These results indicate that the CoFe2O4 possess significant photovoltaic properties and the electrical properties vary under illumination.