The change in dielectric constant relaxation time over temperature (35–590 °C) and frequency (45 Hz–5 MHz) in ceramics of Pb0.77K0.115Gd0.115Nb2O6 (PKGN, Tc = 340 °c) has been studied. Powder X-ray diffraction revealed the single-phase formation with orthorhombic crystal structure. The P-E hysteresis loop parameters are Ps = 21.77 μC/cm2, Pr = 17.09 μC/cm2, Ec = 11.86 kV/cm; the piezoelectric constants, Kp = 31.7%, Kt = 47%, d33 = 115 × 10−12 C/N, d31 = −41 × 10−12 C/N, are determined in the material and some transducer applications are discussed. Cole-Cole (Zll vs. Zl) plots showed a non-Debye type relaxation. Conductivity obeyed Jonscher’s universal power law, σ = σ0 + Aωn. The theoretical values of εl and σ are computed using the parameters ‘A(T)’ and ‘n(T)’ (0 < n < 1) and are well fitted with the experimental data. The hopping ion frequency (ωp) and charge carrier concentration (Kl) have been analyzed using Almond-West formalism. The dielectric relaxation processes are associated with localized oxygen vacancies conduction at high frequency region. A long-range conductivity by Gd3+ ions is found to be predominant at low frequency region. The activation energies from impedance and modulus formalisms revealed the ionic type conduction in PKGN.