The thermally stimulated discharge current (TSC) and differential scanning calorimetry (DSC) spectroscopy have been recorded in 25 μm thick samples of pristine polycarbonate (PC) and zinc oxide nano particle-filled polycarbonate. Polycarbonate (PC)/zinc oxide (ZnO) nanocomposites of different mass ratio (e.g., 1, 3, and 5%) were prepared by sol–gel method, followed by film casting. The glass transition temperature of nanocomposite samples increases with increase in concentration of ZnO nano fillers. It is due to the strong interaction between inorganic and organic components. The TSC peaks of nanocomposite and pristine PC indicate the multiple relaxation process. It has been observed that the magnitude of TSC decreases with increase in concentration of nanofillers. The TSC characteristics of 5% filled nanocomposites shows exponential increase of current at higher temperature region. This increase in current is caused by formation of charge-transfer complex between inorganic phase (e.g., ZnO) and organic phase (e.g., PC). Thus, the nano material like zinc oxide transfers the charge carriers from inorganic phase to organic phase rapidly and resultant current increases exponentially. This current is known as leakage current or breakdown current. TSC peak height is observed as a function of the polarizing field. The height of TSC peak increases as the field increases in pristine PC, while TSC peak height is suppressed in nanocomposite samples. This indicates the amount of space charge is smaller in the nanocomposites with a proper addition of ZnO nano fillers than in the pristine PC.