Polycarbonate (PC) is a thermoplastic engineering plastic with excellent properties, and its excellent dielectric properties have broad application prospects in the field of electronics. In this paper, bisphenol Z (BPZ) and diphenyl carbonate (DPC) are used as raw materials to synthesize special polycarbonate (BPZ‐PC) by melt transesterification. The effects of catalyst type, catalyst dosage, molar ratio of raw materials, transesterification reaction time and vacuum degree, polycondensation reaction temperature and time on the molecular weight of the product are investigated, and the optimal reaction conditions are obtained. The chemical structure of the product is verified by FTIR, 1H‐NMR and 13C‐NMR spectra tests. The thermal properties, mechanical properties, optical properties and dielectric properties of BPZ‐PC are evaluated. Therefore, due to its excellent performance, BPZ‐PC, a high‐performance low‐dielectric polycarbonate, can be widely used in high‐frequency communication, microelectronics, and aerospace industries.