Glasses with composition xFe(2)O(3)center dot(30-x)Li2O center dot 70B(2)O(3) (x = 0, 2, 5, 7 and 10 mol%) were prepared via melt-quenching technique and their physical, thermal and dielectric properties are discussed. XRD was carried out to confirm the amorphous nature of prepared glasses. Density (rho) and molar volume (V-m) were found to increase with increase in Fe2O3 content. Infrared absorption spectra depicted that Fe2O3 is acting as a network modifier. DTA has been carried out to determine glass transition temperature (T-g) and crystallization temperature (T-x). Electrical properties have been studied using impedance spectroscopy and dc conductivity. The dc conductivity decreases and activation energy increases on replacing Li+ ions with Fe3+. The impedance measurements reveal that the total conductivity obeys Jonscher's power law. Study of the equivalent circuit analysis up to a temperature of 523K shows a significant change in the equivalent circuitry with change in temperature and composition. (C) 2015 Elsevier Ltd. All rights reserved.