The (x) Ni0.5Cu0.5Fe2O4 + (1-x) Ba0.5Pb0.5 Ti0.5Zr0.5O3 ME composites have been synthesized by a standard ceramic method. The presence of single phase in x = 0 and x = 1 as well as two phases in x = 0.15, 0.30 and 0.45 composites has been confirmed by XRD. The dielectric constant (epsilon') and dielectric loss (tan delta) have been studied as a function of temperature and frequency. These composite materials exhibit maximum dielectric constant with a variation of frequency and temperature. The composite 15% Ni0.5Cu0.5Fe2O4 + 85% Ba0.5Pb0.5Ti0.5Zr0.5O3 had the highest magnetoelectric voltage coefficient of 0.248 mV/cm Oe at room temperature among the studied composites.