We have fabricated a high quality magnetic Ni0.5Zn0.5Fe2O4 ferrite powder/polymer composite sheet consisting of common and environmentally friendly elements only. The sheet was then tested for its dynamic permeability by irradiating with electromagnetic waves with frequencies up to 50 GHz. Two different originally developed methods were used for the high-frequency permeability measurements, a short-circuited microstrip line method and a microstrip line-probe method. It is challenging to measure the dynamic permeability of magnetic thin films/sheets beyond 10 GHz because of the low response signal from these materials. However, the two methods produced essentially equivalent results. In the frequency dependent permeability profile, the maximum position of the profile, [Formula: see text], shifted towards higher frequencies upon increasing an applied (strong) static external magnetic field, [Formula: see text]. A linear relationship between [Formula: see text] and [Formula: see text] for the entire range of [Formula: see text] was observed even at small [Formula: see text]. In general, the spinel-structured Ni-based ferrites exhibit low magnetic anisotropy, but the present sample showed a uniaxial-anisotropic behavior in the parallel direction of the sheet. Our Ni0.5Zn0.5Fe2O4 powder/polymer composite sheet thus exhibits high performance at GHz frequencies, and should be applicable e.g. as an anisotropic electromagnetic wave-interference material.