Our research described in the current paper was aimed to alter the optical and dielectric characteristics of polyvinyl alcohol/polyethylene glycol blended polymers by incorporating different quantities of melanin and ZnMn2O4/CuCo2O4 to create flexible blended polymer composites suitable for applications like photocatalysis, capacitors, and different optoelectronic applications. The PVA/PEG/ZnMn2O4/CuCo2O4-x wt % melanin blended polymer composites were created using a casting technique. The structural properties of the fillers and various blends were investigated using an X-ray diffraction technique. A transmittance electron microscope was used to investigate the features of the ZnMn2O4/CuCo2O4. The optical properties of the PVA/PEG/ZnMn2O4/CuCo2O4-x wt % melanin blend composites, which included their linear and nonlinear optical parameters, were analyzed using a diffused reflectance technique. The direct and indirect optical energy gaps attained their lowest values (5.47, 3.22, and 2.97) and (5, 1.18) eV in PVA/PEG/ZnMn2O4/CuCo2O4 blended polymer. The doped blends exhibited superior absorbance efficiency in the UV spectra in both the UVA and UVB regions. In the UV and visible ranges doped blends with 15 and 10 wt % of melanin had the highest refractive index values, respectively. The highest dielectric constant and electric ac conductivity were achieved as the blend was loaded with 5 wt % melanin. The energy density value of the doped blend containing 10% melanin was the highest when compared to other doped melanin polymers. The maximum height electrical potential barrier of each blend was also calculated. The electric modulus was also studied. The intensities of the emission peaks in terms of fluorescence characteristics were reduced as the PVA/PEG blend was loaded with ZnMn2O4/CuCo2O4-x wt % melanin. In conclusion, the PVA/PEG/ZnMn2O4/CuCo2O4-x wt % melanin blended polymer composites are promising hybrid materials for use in a variety of applications.