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Magnesium ferrite (MgFe2O4) and polyethylene glycol (PEG) are materials known for their versatility in various applications. This study presents a comprehensive comparative analysis of the electrical conductivity and dielectric relaxation of nanostructured MgFe2O4 and its composites with PEG. Through experimentation, it was observed that incorporating PEG into MgFe2O4 did not lead to a high relative observed decrease or increase in electrical conductivity at room temperature. The study revealed that the composites maintained stable electrical behavior at room temperature, with a dielectric constant value of around 9 and a loss tangent value of around 0.1 at high frequency (around 7 MHz). The electron-hole hopping mechanism was identified as the underlying cause for the strong dielectric dispersion with frequency. The low dielectric loss and conductivity of the MgFe2O4 and PEG/ferrite composites make them promising candidates for high-frequency switching applications and microelectronic devices, particularly in scenarios where negligible eddy currents are essential. Additionally, complex impedance data analysis demonstrated that the capacitive and resistive properties of the composites are primarily attributed to grain boundary processes. This study provides a comprehensive analysis of the electrical and dielectric properties of MgFe2O4 and PEG composites and highlights their potential for many applications in materials science, particularly in electrical and electronic devices.