This study investigates the influence of Se⁴⁺ ion substitution on the electrical and dielectric properties of CoFe2O4 nanoparticles (CoFe2-4xSe3xO₄ (x ≤ 0.1) (NPs)) synthesized via a hydrothermal method. The electrical and dielectric characteristics were analyzed using a Novocontrol dielectric impedance analyzer. Results indicate that activation energies (Ea) remain stable at approximately 600 meV at higher temperatures (T ≥ 45 °C) but decrease significantly at lower temperatures, ranging from 300 meV (x = 0.02) to 20 meV (x = 0.08). A sharp reduction in DC conductivity, from 1.2 nS/cm (x = 0.04) to 0.27 nS/cm (x = 0.08), suggests enhanced electron mobility at this substitution level. AC conductivity exhibits strong frequency dependence, increasing from 0.15 nS/cm at 1 kHz to 0.13 μS/cm at 1 MHz for x = 0.08 at room temperature. Dielectric constant (ε′) and loss (ε′′) values exhibit significant variation with frequency, with ε′ reaching a maximum of 3.95 at 100 Hz for x = 0.08, reflecting enhanced polarization effects. Se⁴⁺ substitution also increases the real part of the electrical modulus (ReM) to 0.99 and the imaginary part (ImM) to 0.40 for x = 0.10, indicating improved energy storage and dissipation capabilities. The ImZ/ReZ ratio analysis reveals shifts in conduction mechanisms and polarization effects, with a notable transition at x = 0.04. Cole-Cole plots suggest multiple relaxation processes influenced by temperature and substitution levels, with relaxation times decreasing from 13 ms (70 °C) to 0.76 ms (120 °C) for x = 0.02. This study highlights the potential of Se⁴⁺-substituted Co-SFs for applications in electronic devices, particularly in energy storage and dissipation systems, and underscores the need for combined experimental and theoretical approaches to optimize these materials for advanced technological applications.