One of the key challenges in developing mullite–cordierite electronic substrates is achieving phase homogeneity and controlling porosity to optimize thermal conductivity while maintaining a controlled microstructure. We produced precursor powder for mullite/cordierite composites (Mu/C Com.) for use in multifunctional substrates and electronic components using the sol–gel technique at low temperatures. The precursor powders for the (Mu/C Com.) were made utilizing SiO2 and Al2O3 oxides, respectively, from Si(C2H5O)4 and Al (NO3)3.9H2O, respectively. Structural phases were identified using XRD and refined using the Rietveld method. Microstructure, grain size, and elemental composition were examined by SEM/EDX. Density and porosity were measured via Archimedes’ method. XRD showed pure crystalline mullite for all compositions, while cordierite remained amorphous. Increasing cordierite content reduced grain size by 55%, lowered porosity, and increased bulk density (up to 2.643 g/cm3 for Mu-C30). The dielectric constant decreased with both frequency and cordierite content. A temperature-activated rise in ε′ and ε″ above 280 °C was observed. AC conductivity followed Jonscher’s power law, and activation energies decreased from 0.14 to 0.10 eV with increasing cordierite, indicating facilitated ionic transport. The variation in the maximum imaginary component of the modulus and impedance with frequency implies the presence of a non-Debye relaxation phenomenon. These results demonstrate that dense, sol–gel-derived Mu/C composites exhibit low dielectric loss and stable dielectric behavior at high frequency, making them promising candidates for electronic substrates, high-frequency circuit packaging, and ceramic capacitor applications.