Utilizing liquid rubber to toughen epoxy resin is one of the most mature and promising methods. However, the dielectric relaxation characteristics of the epoxy/liquid rubber composites have not been studied systematically, while the relaxation behaviours are a critical factor for both micro and macro properties. In this paper, hydroxyl-terminated liquid nitrile rubber (HTBN) is employed to reinforce a kind of room-temperature-cured epoxy resin. The dielectric spectrum is measured and analysed. Results show that two relaxation processes are introduced in the binary composites. The α relaxation of HTBN shows a similar temperature dependence with the β relaxation of epoxy resin. The interfacial polarization leads to an increase of complex permittivity, which reaches its maximum at 70 °C. In addition, affected by interfacial polarization, the thermionic polarization is inhibited, and the samples with filler ratios of 15% and 25% show lower DC-conductivity below 150 °C. In addition, the α relaxation and thermionic polarization of epoxy resin obey the Vogel‒Fulcher‒Tammann law, while the interfacial polarization and DC-conductivity satisfy with the Arrhenius law. Furthermore, the fitting results of the Vogel temperature of α relaxation, glass transition temperature, apparent activation energy of interfacial polarization and DC-conductivity all decline with HTBN content. These results can provide a reference and theoretical guidance for the assessment of dielectric properties and the improvement of the formulation of liquid-rubber-toughened epoxy resin.