Abstract: The complex dielectric susceptibility and spin glass properties of polycrystalline CuCr0.5V 0.5O2 delafossite have been investigated. Electron diffraction, high resolution electron microscopy and electron energy loss spectroscopy show that the Cr3+ and V 3+ magnetic cations are randomly distributed on the triangular network of CdI2-type layers. In contrast to CuCrO2, CuCr0.5V 0.5O2 exhibits two distinctive (magnetic and electric) glassy states evidenced by memory effects in electric and magnetic susceptibilities. A large magnetodielectric coupling is observed at low temperature.