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Poly(4‐methyl‐1‐pentene) (P4MP) was characterized to evaluate its viability as a high‐temperature dielectric film for capacitors. Detailed investigation of thermal, mechanical, rheological, and dielectric properties was carried out to assess its high‐temperature performance and processability. P4MP was melt‐processable below 270 °C without degradation and application temperatures as high as 160–190 °C can be achieved. The dielectric constant and loss of melt‐processed P4MP films was comparable to biaxially oriented polypropylene (BOPP) capacitor films, although the dielectric strength was lower. Enhancements in dielectric strength up to 250–300% were achieved via solution‐processing P4MP films, which could be easily scaled up on a roll‐to‐roll platform to yield isotropic, free‐standing films as thin as 3–5 μm. The influence of crystal structure, crystallinity, and surface morphology of these films on the dielectric properties was examined. The dielectric strength was further increased by 450% through biaxial stretching of solution‐cast films, and a Weibull breakdown field of 514 V/μm was obtained. The dielectric constant was very stable as a function of frequency and temperature and the dielectric loss was restricted to <1–2%. Overall, these results suggest that BOP4MP is a promising candidate to obtain similar energy density as a BOPP capacitor film but at much higher operating temperatures. © 2017 Wiley Periodicals, Inc. J. Polym. Sci., Part B: Polym. Phys. 2017, 55, 1497–1515