This study reports not only main electrical and dielectric characteristics of Ag/ZnO/p-Si heterostructure with the aid of the experimental admittance measurements at room temperature and theoretical approaches but also the microstructure and surface morphology of the heterostructure by means of X-ray diffraction, scanning electron microscopy and atomic force microscopy measurements. The results obtained show that the sample, obtaining Wurtzite structure with the (002) preferred orientation, has a fine crystalline microstructure consisting of micro-sized hexagonal rods growing uniformly in large scale on the film surface. When the diameters of the rods are found to vary from 0.5 μm to 1.5 μm, thickness values are observed to be about 2 μm. Further, series resistance (Rs) and some other electronic parameters of the heterostructure are obtained by the capacitance–voltage (C–V), conductance–voltage (G–V) and C−2–V measurements. Moreover, voltage (V) and frequency (f) dependence of dielectric parameters such as dielectric constant (ε′), dielectric loss (ε″), dielectric loss tangent (tanδ), real and imaginary parts of electric modulus (Μ′ and Μ″) are determined and discussed. It is found that both electrical and dielectric parameters of the heterostructure prepared in this work depend strongly on the applied bias voltage and frequency.