Nanocomposites were usually used for different fields in an industrial applications with low cost and low weight. In this paper, nanocomposites from polyvinyl alcohol- polyethylene oxide- iron oxide nanoparticles have been fabricated. The iron oxide nanoparticles were added to polymer blend by different weight percentages are (2, 4 and 6) wt.%. The structural and dielectric properties of (PVA-PEO-Fe2O3) nanocomposites were studied. The results showed that the dielectric constant, dielectric loss and electrical conductivity of (PVA-PEO) blend are increased with the increase in iron oxide nanoparticles concentrations. The dielectric constant and dielectric loss are decreased while the electrical conductivity increases with the increase in frequency of applied electric field. The optical measurements showed the absorbance of (PVA-PEO-Fe2O3) nanocomposites is increased with increasing of the concentrations of iron oxide nanoparticles. The indirect energy gap (Eg) of (PVA-PEO) blend decreases with the increase of the concentrations of iron oxide nanoparticles. The optical constants such as absorption coefficient, extinction coefficient, refractive index, real and imaginary dielectric constants and optical conductivity of (PVA-PEO) blend varied with the increase of the weight percentages of iron oxide nanoparticles.