Polyaniline/Manganese dioxide (PANI/MnO2) nanocomposite has been successfully prepared by in situ polymerization method. The X-ray Diffraction (XRD) data confirm the formation of PANI/MnO2 nanocomposites. Fourier Transform Infrared (FT-IR) spectroscopy confirms the vibrationsdominant by metal oxide and polymer in the complex format. The Scanning Electron Microscope (SEM) shows that these nanocomposites exhibits nano rods like morphologies. The optical properties were studied by UV–visible Spectroscopy and the optical band gaps were estimated to be around 1.62 eV. Also this composite follow indirect allowed transition. Cyclic Voltammetry (CV) of this composites were also studied, and from this data the specific capacitance (Cp), energy density (Ed), power density (Pd) and charge retention were also calculated. Additionally, from CV data, the energy levels such as the highest occupied molecular orbital (HOMO) and the lowest unoccupied molecular orbital (LUMO) were also determined. A supercapacitor of this understudy material was designed and it’s charging and discharging under different conditions (like under the exposure of different wavelengths of light and various intensities of static magnetic fields)were also studied and explained. The preliminary designed supercapacitor shows good charge retention capacity. The specific capacitance of this capacitor remainsaround 463 Fg−1 at 200 cycles. Besides this, a planner diode of this composite was also fabricated and this diode was tested for current-voltage (IV) characteristics under various conditions like under exposure to photons of various wavelengths and in presence of different static magnetic fields.The various parameters related with this diode were analyzed and studied. The dielectric studies of this material were studied. The current materials could be explored as a good candidate for modern energy storage and optoelectronics applications.