The magnetic dipole moment (MDM) and the electric dipole moment (EDM) of leptons are calculated under the assumption of lepton flavor violation (LFV) induced by spin-1 unparticles with both vector and axial-vector couplings to leptons,including a CP-violating phase. The experimental limits on the muon MDM and LFV process such as the decay l_i->i_jl_kl_k are then used to constrain the LFV couplings for particular values of the unparticle operator dimension d_U and the unparticle scale \Lambda_U, assuming that LFV transitions between the tau and muon leptons are dominant. It is found that the current experimental constraints favor a scenario with dominance of the vector couplings over the axial-vector couplings. We also obtain estimates for the EDMs of the electron and the muon, which are well below the current experimental limits.