Dielectric and magnetic relaxation are phenomenas which is connetced with polarization and magnetization processes in dielectric and ferromagnetic, respectively. Because of intrinsic properties (existence of dielectric and magnetic losses) of material polarization and magnetization when external electric or magnetic field is applied do not occur instantly, but with a delay. When the external field stops dielectric or ferromagnet do not depolarizes or demagnetizes instantly but also with a lag. The time during system returns to original state is called relaxation time. When relaxation occurs in dielectric or ferromagnet the frequency dependnce of permittivty or permeability has dispetsion.
Check these links
1) Chapter Dielectric Relaxation Phenomena in Complex Materials
2) https://kpfu.ru/docs/F789845537/Dielectric_Relaxation_Phenomena_in_Complex_Systems.pdf
I couldn't find open acces literature for magnetic relaxation but in terms of frequency dependences it quite the same. But when you deal with dielectrics the main elements which contribute in permittivity are electric charges of ions, electrons, defects and electric dipoles. In case of ferromagnetics main contributor to permittivity is magnetic moment of ion. Also you can check literature about hypertemia of cancer cells, magnetic fluids, gels because magnetic relaxation phenomena often found in the literature on ferrofluids.
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