Polyaniline‐potassium doped nickel oxide nanocomposites (PANI/KNO) were efficiently synthesized via an in situ chemical oxidation method, meticulously confirmed by comprehensive x‐ray diffraction, Fourier transformation infrared spectroscopy, energy dispersive x‐ray spectroscopy, selected area electron diffraction, and x‐ray photoelectron spectroscopy analyses. The crystallite size and strain exhibited distinct behaviors, while field emission scanning electron microscopy revealed a blend of irregular spherical shapes and nanofibers, further confirmed by high resolution transmission electron microscopy. These composites exhibited significantly enhanced thermal stability, surpassing PANI by 1.39 times, and showcased a band gap exceeding 3 eV, along with multiple photoluminescence peaks at room temperature (RT). Moreover, their RT AC conductivity experienced a remarkable surge by 4.91 times compared to pure polyaniline. Jonscher's Power Law model and the Havriliak–Negami relaxation model are employed to elucidate the electrical properties of composite materials. The composites displayed nonDebye relaxation behavior with increased conductivity, as observed through impedance analysis, electrical modulus evaluation, and dielectric constant assessment. Additionally, evident superparamagnetic properties and multiple magnetic domains further contributed to their effectiveness. The PANI/KNO composite demonstrated photocatalytic efficiency, achieving over 90% degradation of methylene blue dye across four cycles, thus highlighting its superior photostability. Furthermore, investigations into its response to pH variations and scavenger activity underscored its immense potential for highly effective photocatalytic applications.