The continuous upgrading of electronic technology has facilitated the integration and miniaturization of electronic and electrical equipment, as well as putting great pressure on the multifunctional demand for internal materials. Developing insulating materials with both low permittivity and high thermal conductivity has become imperative. This perspective focuses on polyimide, which is the top material of the polymer material pyramid, discusses the characteristic parameters that affect its dielectric property and thermal conductivity. A series of basic schemes to regulate the dielectric/thermal properties of polyimide are summarized, revealing the bottlenecks and drawbacks of the current research. Future development trends of polyimides featured low permittivity-high thermal conductivity are anticipated, and novel ideas are proposed for the development of new generation of multifunctional polyimides.