In this work, the dielectric properties of immiscible polystyrene (PS)/poly(vinylidene fluoride) (PVDF) blends are tuned by selectively localizing carbon black (CB) nanoparticles in different phases. The PS/PVDF blends have a wide window of cocontinuity (ca. 30-80 vol % in terms of the volume fraction of PS component (v(PS))). The selective localization of CB nanoparticles is achieved by using the masterbatch process during melt mixing. For the volume ratio PS/PVDF 1/1 and the volume fraction of CB nanoparticles (v(CB)) below but close to the percolation threshold (v(c)(CB)), the selective localization of CB nanoparticles in PVDF phase produces higher dielectric constant (ε) than that in PS phase, whereas the ε of the ternary mixtures without selective localization of fillers is in the middle. For the volume ratios PS/PVDF 1/2 and 2/1, the selective location of CB nanoparticles in different phases can be used to easily tune the system from conductive to insulating or inverse, which might have potential applications in industry. The fillers are found to be "fixed" in the masterbatch of PS or PVDF component and there is no migration of the fillers to another phase occurring during the further mixing process for the mixing time up to 30 min. Furthermore, the addition of CB nanoparticles to the polymer matrix is found to induce the brittle-ductile transition in the system and increase the compatibility between the immiscible PS and PVDF components, which should benefit the mechanical properties.