The fabrication of polymer nanocomposites with specialized traits is gaining popularity across the world due to novel added qualities. In this work we used a flash auto-combustion method to prepare Mn0.5Fe1.5Mg0.5Ni0.5O4 nanoparticles and the casting method to prepare Mn0.5Fe1.5Mg0.5Ni0.5O4/PVA nanocomposite polymer films with doping of nanoparticles various from 1–5 wt.%. The effect of Mn0.5Fe1.5Mg0.5Ni0.5O4 nanoparticles addition on the structural, optical, and dielectric characteristics of nanocomposite polymer films was analyzed. The structural properties were studied using x-ray diffraction pattern, high resolution transmission electron microscope, Fourier transform infrared, and field emission scanning electron microscope. The effects of nanoparticles doping on ac conductivity, electric modulus, impedance, and dielectric constant were investigated. It shows that Mn0.5Fe1.5Mg0.5Ni0.5O4/PVA nanocomposite films have higher values of permittivity and ac conductivity than PVA and exhibit lower values of dielectric loss, electric modulus, and impedance. The optical properties showed the indirect optical decreased from 4.8 to 4.4 eV. According to the experimental results, these nanocomposite polymer films show promise for laser CUT-OFF filters and energy storage devices.