We report the complex electric modulus and dielectric relaxation studies of nanocrystalline zinc ferrite. The dielectric constant exhibits strong temperature dependence at higher temperature and lower frequencies and this has been analyzed in terms of electric modulus vector. The real part of complex impedance has also been modeled by an ideal equivalent circuit consisting of grain and grain boundary resistances and capacitances. The metallic electrode and semiconductor junction forms Schottky diode, whose parameters like built in voltage and space charge density have been extracted from the capacitance-voltage characteristics.