C-axis orientated LuFe 2 O 4 thin films on (001) sapphire substrates are epitaxially deposited by pulsed-laser deposition. Temperature-dependent resistance characterization reveals the ferrimagnetic transition at 237K and charge-ordering transition at 340K in the film. Importantly, the dielectric constant of the film can be significantly changed by both electric and magnetic fields. The dielectric tunability reaches 35% when an electric field of 5V is applied, while this value reduces to 20% and 15%, respectively, when a magnetic field of 0.83T is applied perpendicular and parallel to the film normal direction. This suggests a magnetically controlled dielectric tunability and strong magnetoelectric coupling, and is therefore promising for tunable device applications in film form.