In this paper, the dielectric relaxation and reliability of high capacitance density metal-insulator-metal (MIM) capacitors using $Al_2O_3-HfO_2-Al_2O_3$ and $SiO_2-HfO_2-SiO_2$ sandwiched structure under constant voltage stress (CVS) are characterized. These results indicate that although the multilayer MIM capacitor provides high capacitance density and low dissipation factor at room temperature, it induces greater dielectric relaxation level (in ppm). It is also shown that dielectric relaxation increases and leakage current decreases as functions of stress time under CVS, because of the charge trapping effect in the high-k dielectric.