Polyvinyl alcohol (PVA)/carboxyl methyl cellulose sodium (CMC)/Na2CO3 composite films with different contents of Na2CO3 were prepared by blending and solution-casting. The effect of Na2CO3 on the microstructure of PVA/CMC composite film was analyzed by Fourier-transform infrared (FTIR) spectroscopy, X-ray diffraction (XRD), differential scanning calorimetry (DSC), and atomic force microscopy (AFM). Its macroscopic properties were analyzed by water sorption, solubility, and dielectric constant tests. The results show that the microstructure of PVA/CMC/Na2CO3 composite films was different from that of PVA and PVA/CMC composite films. In addition, compared to PVA and PVA/CMC composite films, the water sorption of PVA/CMC/Na2CO3 composite films relatively increased, the solubility in water significantly decreased, and the dielectric properties significantly improved. All these results indicate that the hydrogen bonding interaction between PVA and CMC increased and the crystallinity of PVA decreased after the addition of Na2CO3. This was also a direct factor leading to increased water sorption, decreased solubility, and enhanced dielectric properties. The reaction mechanism of PVA, CMC, and Na2CO3 is proposed to further evaluate the effect of Na2CO3 on the microstructure and macroscopic properties of PVA/CMC/Na2CO3 composite films.