The properties of semi-crystalline polymer nanocomposites are affected by the nanofillers directly and indirectly, as two phases, i.e., crystalline and amorphous, exist in the polymer. The effects of nanofillers on the two phases could be competitive. The dielectric properties and conductivity of carbon nanofibers (CNF)/semi-crystalline polymer nanocomposites are studied in this paper. CNF/polypropylene (PP) nanocomposites are prepared in experiment by melt blending. The resulting morphology and crystalline structure are characterized by means of differential scanning calorimetry, wide angle X-ray diffraction and scanning electron microscopy. The PP nanocomposite containing 5 wt.% CNF exhibits a surprisingly high dielectric constant under wide sweep frequencies attended by low dielectric loss. Its dielectric constant is >600 under lower frequency, and remains >200 at a frequency of 4000 Hz. The electrical and thermal conductivities of the nanocomposites are studied, and enhancements are seen with increased CNF content. Theoretical analyses on the physical properties are carried out by applying the existing models. Research results indicate that a common commercial plastic with good comprehensive performance, which exhibited the potential for applications in advanced electronics, was obtained by a simple industry benign technique.