Conducting polyaniline/cobaltous oxide composites have been synthesized using in situ deposition technique by placing fine graded/cobaltous oxide in polymerization mixture of aniline. The a.c. conductivity and dielectric properties are studied by sandwiching the pellets of these composites between the silver electrodes. It is observed that the values of conductivities increase up to 30 wt% of cobaltous oxide in polyaniline and decrease thereafter. Initial increment in conductivity is due to extended chain length of polyaniline where polarons possess sufficient energy to hop between favourable sites. Beyond 30 wt% of cobaltous oxide in polyaniline, blocking of charge carriers takes place reducing the conductivity values. It can be noted that the value of dielectric constant increases up to 10 wt% of cobaltous oxide. Thereafter, it decreases up to 30 wt% of cobaltous oxide and again increases up to 40 wt% of cobaltous oxide and decreases thereafter. The observed behaviour is attributed to the variation of a.c. conductivity. And it is observed that the dielectric loss increases up to 10 wt% of cobaltous oxide in polyaniline, decreases to a lower value of 20 wt% of cobaltous oxide and increases to 35 wt% and thereafter decreases. These values go in accordance with the values of dielectric constant. The results obtained for these composites are of greater scientific and technological importance.