Novel polyaniline/silver (PANI/Ag) and polyaniline/silver/cupper (PANI/Ag/Cu) core–shell nanocomposites have been successfully prepared. The morphology and the structure of the prepared nanocomposites have been characterized and elucidated. The AC conductivity measurements in the frequency range from 1MHz to 1GHz at different temperatures for the prepared nanocomposites have been investigated. The results showed very high conductivities and dielectric constants. The ac conductivities of the prepared nanocomposites are frequency dependent and follow up hopping conduction mechanism in general. The enhanced electrical properties of the prepared nanocomposites may be attributed to the superior core shell structure and the presence of the core Ag, Ag/Co and Ag/Cu nanoparticles.