Silver ion conducting glasses are the first solid electrolytes to be used in solid-state electro-chemical devices for low specific energy applications. These glasses represent potential candidates for energy storage devices and solid state batteries. Silver phosphate glasses of the compositions xAgI – 40Ag2O-(50-x)P2O5-10Fe2O3 mole% [x=0,5, 10,15, 20, 30] were prepared by quenching method and studied by means of AC measurements in the frequency range (50 Hz-5 MHz) and temperature range (303 -550 K). Dielectric peaks appeared between glass transition Tg and the crystallization temperature Tc. The dielectric peaks change against temperature agree well with the exothermic peak change in DTA results .The study of frequency dependence of both dielectric constant ε' and dielectric loss ε" showed a decrease of both quantities with increasing frequency indicating a normal behavior of dielectrics. Cole-Cole plots are drawn with ε' and ε". From the Cole-Cole plot parameters like optical dielectric constant, static dielectric constant, average relaxation time, and molecular relaxation time are evaluated.