Integrating carbon nanotubes (CNTs) into a polymer matrix can significantly modify its physical properties, providing that the challenges associated with CNT dispersion are successfully resolved. In this work, we investigate the enhancement of the dielectric properties of silicone when multiwall carbon nanotubes (MWCNTs) are introduced to its polymer matrix as a filler in the frequency range from 0.5 to 20 GHz. An optimized procedure is used to prepare nanocomposites with MWCNTs concentrations by weight of 0%, 0.5%, 1.0%, 1.5%, and 2.0%. The investigated dielectric properties for the prepared nanocomposites are the real dielectric constant ɛ′, the imaginary dielectric constant ɛ″, the loss tangent tan δ, and the AC conductivity σAC. The dispersion of the MWCNTs in the silicone matrix is confirmed using the Fourier-transform infrared (FTIR) spectroscopy and the scanning electron microscope. This study shows that the dielectric properties of the nanocomposite are enhanced as the MWCNT’s concentration is increased over the entire frequency range. For example, the enhancement in ɛ′ value was from 3.2 up to 21.6 at 0.5 GHz and from 2.5 to 10.6 at 20 GHz as the concentration increased from 0% to 2.0%. For the ɛ″ value, the enhancement was from less than 0.1 to 8.6 at 0.5 GHz and to 2.0 at 20 GHz, respectively. Based on the obtained tanδ values, the nanocomposites with MWCNTs of 0.5% and 1.0% can be classified as low-loss dielectrics, while the other nanocomposites with MWCNTs of 1.5% and 2.0% are classified as lossy dielectrics.