Nanofibers appearing functional properties show a great promise as allowing constituents for a wide range of medical applications. In this work, Polycaprolactone (PCL), Silver Nitrate (AgNO₃) and Zinc Oxide (ZnO) were used for fabrication of nanofiber composite material by co-axial electrospinning (CAE) process. 5, 10, and 15 wt. % concentrations of PCL were utilized and different amount of AgNO₃ and ZnO were used in entire samples. Morphological analyses of the electrospun nanocomposites were done by scanning electron microscopy (SEM) and AgNO₃, ZnO and PCL materials’ functional groups were determined by Fourier Transform Infrared Spectroscopy (FTIR). Before co-axial electrospinning, physical properties such as liquid state ac conductivity, density and viscosity were measured for all solutions. Capacitance (C_p) and D-factors (tanδ) of nanocomposite materials are measured for the frequency range of 20Hz – 3MHz and the solid state alternating current (ac) conductivity, permittivity (ε’) and dielectric loss (ε’’) were calculated for all solutions after co-axial electrospinning. Effects of concentration percentages of PCL and AgNO₃ on real and imaginary parts of dielectric constant and solid state ac conductivity have been analyzed and comparisons have been made by the results obtained.