Novel　percolative　PZN-PZT/Ag　ferroelectric　composites　with　intragranular　structure　were　prepared　with　micro-PZN-PZT　and　nano-Ag　particles.　The　typical　core-shell　nanostructures　were　systematically　investigated　by　TEM,　in　which,　the　nanoscale　shells　act　as　interlayers　between　the　Ag　cores　and　the　ceramic　matrix.　Excellent　dielectric　properties,　such　as　high　dielectric　constant　(epsilon(r)　similar　to　16600)　and　low　dielectric　loss　(＜　0.056)　were　reported.　The　high　dielectric　constant　originates　from　the　coeffect　of　microcapacitors　and　Maxwell-Wager-Sillars　(MWS)　polarization.　Especially,　the　core-shell　structure　may　reinforce　the　MWS　effect.　Meanwhile,　the　insulating　interlayers　reduce　the　tunnel　current　between　neighboring　Ag　cores　by　causing　potential　barriers,　endowing　the　nanocomposites　with　low　dielectric　loss.　This　approach　can　be　used　to　realize　a　novel　material　with　high　dielectric　constant　over　a　wide　frequency　and　temperature　range.