A new functionalized biopolymer was obtained by adding ethylenediaminetetraacetic acid to chitin and magnetite nanoparticles (Fe3O4). Thermogravimetric analysis was performed, and dielectric properties were examined. The obtained biopolymer showed better thermal stability, as evidenced by a higher onset temperature. The activation energy calculated using imaginary impedance data and Nyquist plots was found to be consistent. Moreover, the dielectric permittivity decreased rapidly with increasing frequency. At high frequencies, there was no dependence of dielectric loss on temperature and frequency. The obtained biopolymer can be used in many applications such as microwave devices, deflection yoke, high-frequency capacitors, sensors, etc.