Insulation materials with low dielectric constants, low coefficients of thermal expansion (CTE), low densities, renewability, and low cost are urgently needed in the fields of communication, control and signal cables. Here we report that combining cyclic olefin copolymer (COC) with linear low‐density polyethylene (LLDPE) by melt blending achieves the above goals. The dielectric constant and CTE of LLDPE/COC blends are minimized at 20 wt% COC content, reaching a value of 2.23 at 1000 Hz and 1.21 × 10−4 K−1, respectively. The density of the blend increases by only 1.6% compared with LLDPE, whereas the tensile modulus increases by 56%, which is conducive to the blends to improve mechanical strength while preserving lightweight. The rheological tests show that the zero‐shear viscosity, storage modulus, and loss modulus of the LLDPE/COC blends do not change much compared with pristine LLDPE, maintaining their good melt processability at 160°C. The cyclic rigid structure of COC causes a decrease in CTE, and the increase in free volume between molecular chains is responsible for the reduced dielectric constant. The present work provides a promising route to the design and fabrication of melt‐reprocessable polymer composites with low dielectric constant and low thermal expansion.