This study involves synthesizing blends of polyvinyl alcohol (PVA) and polyvinylpyrrolidone (PVP) in 1:1 ratio using solution casting technique. The blends were then mixed with different concentrations of copper oxide (CuO) nanofiller, ranging from 0 to 16 wt.% (0, 2, 4, 8, 12, and 16 wt.%). Fourier transform infrared spectra and X-ray diffraction studies provide evidence of the structural modifications occurring within nanocomposites. Fluorescence spectroscopy revealed that the highest photoluminescence intensity occurred at a concentration of 8 wt.% CuO in the blend which specifies that this particular concentration of nanofillers had a substantial impact on luminescence properties of the material. The morphology and texture of film's surface was examined by means of atomic force microscopy. The dielectric plot demonstrated that dielectric constant of the film increased up to a CuO filler concentration of 12 wt.%. This indicates that there is an optimal concentration of CuO nanofillers that enhances dielectric properties of the material. The mechanical studies carried out using Universal Testing Machine reveals enhancement in the mechanical properties after the addition of nanofillers. The promising characteristics of these nanocomposites are suitable for high-frequency device applications and optical sensing applications.