The dielectric and magnetic properties of carbonyl—iron (CI) and nickel zinc ferrite polymer composites were studied with respect to the ferrite particulate content and microwave frequency. From the experimental data and using empirical models that relate the composite dielectric and magnetic properties, the respective dielectric and magnetic properties of the neat fillers were estimated. The tensile properties of the particulate composites comprising CI were shown to follow qualitatively Mooney's equation for the elastic modulus. The tensile strength of an elastomeric polyurethane and PVC composites containing CI increased with particulate content, while the elongation to break decreased with filler content. SEM micrographs of tensile fracture surfaces indicated that somewhat better adhesion is obtained in the case of the polyurethane‐based composites compared to the PVC ones.