Polymer dielectrics, are commonly used as insulating materials for electronic products. Light weight, good mechanical properties and high thermal conductivity are important properties. However, electrical and thermal parameters are interrelated, and it is challenging to have a dielectric polymer that is also resistant to high temperatures and high thermal conductivity. Hence, high‐performance composite films were prepared by the method of post‐solid phase chemical reaction using polyarylene ether nitrile (PEN) and divinyl siloxane‐bisbenzocyclobutene (BCB) as raw materials. First, parameters of the curing reaction were determined by rheological and activation energy calculations. Then, through adjusting the content of BCB resin and treatment temperature, the performance of PEN/BCB composites could be tuned. Thermal properties have been studied by differential scanning calorimetry, dynamic mechanical analysis, thermal gravimetric analysis, and hot‐disk method. Here, the PEN/BCB composite electric insulating materials with outstanding thermal performance (Tg: 208–400°C, T5%: 469–544°C, thermal conductivity: 1.270–2.215 W/m K). Besides, its mechanical and dielectric properties were investigated in detail. It is noteworthy that the tensile strength of composite film can exceed a maximum of 130 MPa, which is 23.19% higher compared to the untreated one. Also, PEN/BCB composites own low dielectric constant (2.27–4.08 at 1 KHz), and the relationship between frequency or a wide temperature range and dielectric constant/loss is stable. Thus, it has a greater potential for applications in electronics in high‐temperature environments.