Multiferroic composites of ferrite and ferroelcectric phases with systematically varying concentration (100-x)Mg0.48Cu0.12Zn0.4Fe2O4 + x Pb(Zr0.52Ti0.48)O3 (MCZPZT) ( where, x mol% = 0, 20, 40, 50, 60, 80, 100) were prepared by mechanical alloying and sintering methods. The dc resistivity and dielectric constant of the samples as a function of temperature were studied in detail and obtained results are reported. The magnetoelectric effect was investigated for the composites. The sample with 80% ferroelectric phase (MP5), shows largest magnetoelectric output voltage coefficient (dE/dH) H value of 880 μVcm.Oe at 2000 Oe magnetic field. Electromagnetic interference shielding properties of transmission loss and attenuation constant were determined for the composites. Skin depth decreases with frequency from 0.29 to 0.2 cm in the range 8–12 GHz for all composites. The composite MP5 with 80% PZT shows lowest α value between 282 dB m−1 and 414 dB m−1 throughout X-band frequencies. The present results proved that the current magnetoelectric materials of all concentrations exhibit strong magnetoelectric coupling with excellent microwave absorbing performance in X-band region and are appropriate for EMI shielding and novel device applications.