Present paper deals with, improvement in ion transport property and dielectric relaxation of polyethylene oxide (PEO)-based polymer electrolytes subsequent to dispersal of nanosized Zn-ferrite filler particles. The nanocomposite polymer electrolyte (NCPE) system [93PEO:$7NH_4SCN$]: x% Zn-ferrite was prepared by solution cast technique through dispersal of sol gel derived Zn-ferrite nano powder in the pristine polymer electrolyte solution. The structural and morphological behavior of NCPEs have been studied by XRD, SEM, IR and DSC measurements. Electrical conductivity (both a.c. & d.c.) measurement on nanocomposite polymer electrolyte sample have been carried out using impedance spectroscopic technique. Dielectric relaxation studies were extracted by impedance data. The hopping ion transport mechanism in NCPEs has been concluded with the help of dielectric and modulus formalism.