In this present study, we have studied the relaxation behaviour and dynamics of charge carriers in poly(ethylene oxide; PEO)/poly(methyl methacrylate; PMMA) blend with potassium based iodide–triiodide redox couple as polymer solid electrolyte dispersed with different concentration of ZnO nanorods as fillers. Various composition of potassium iodide (KI)‐based nanocomposite (PEO/PMMA/KI/I2/x wt% ZnO nanorods, x = 0, 2, 4, 6, 8, and 10) polymer solid electrolytes (NCPSEs) films were prepared by solution casting technique. Structural properties of the prepared solid electrolytes are studied by X‐ray diffraction and Fourier transform infrared spectroscopy. Among the prepared NCPSEs, 6 wt% sample of solid electrolyte showed high conductivity of 4.698 × 10−5 S/cm. The relaxation and dynamics of charge carriers are studied by analyzing complex conductivity and dielectric permittivity through power law along with the contribution of electrode polarization and Havriliak–Negami formalism, respectively, for the prepared polymer solid electrolytes to find out their usefulness for dye‐sensitized solar cell applications. © 2018 Society of Plastics Engineers POLYM. COMPOS., 40:2919–2928, 2019. © 2018 Society of Plastics Engineers