Solid polymer metal oxide films containing Poly (methyl-methacrylates) PMMA/Ferric oxide Fe2O3 are synthesized following solution cast technique. Complexation and particle size are determined by XRD and SEM analysis. Ultrasonic and Dielectric characterization have been done by using Ultrasonic Pulse Echo method and LCR meter respectively. The dielectric behavior of PMMA/ Fe2O3 films has been studied as a function of concentration, and at lower frequencies over the range 100 Hz – 25 KHz. A 7:3 PMMA/Fe2O3 film have been found to posses optimal conducting and optical properties. The ultrasonic velocity is also found to be minimum in same film which may be attributed to maximum dissociation with least absorption in polymer matrix. Addition of Fe2O3 thermally stabilizes PMMA matrix.