The purpose of this work is to study the effect of lanthanum (La) concentration on the phase formation, conductivity, and thermophysical properties of perovskite-like strontium ferrite ceramics. At the same time, the key difference from similar studies is the study of the possibility of obtaining two-phase composite ceramics, the presence of various phases in which will lead to a change in the structural, strength, and conductive properties. To obtain two-phase composite ceramics by mechanochemical solid-phase synthesis, the method of the component molar ratio variation was used, which, when mixed, makes it possible to obtain a different ratio of elements and, as a result, to vary the phase composition of the ceramics. Scanning electron microscopy, X-ray phase analysis, and impedance spectroscopy were used as research methods, the combination of which made it possible to comprehensively study the properties of the synthesized ceramics. Analysis of phase changes depending on lanthanum concentration change can be written as follows: (La0.3Sr0.7)2FeO4/LaSr2Fe3O8 → (La0.3Sr0.7)2FeO4/LaSr2Fe3O8/Sr2Fe2O5 → (La0.3Sr0.7)2FeO4/Sr2Fe2O5. Results of impedance spectroscopy showed that with an increase in lanthanum concentration from 0.10 to 0.25 mol in the synthesized ceramics, the value of the dielectric permittivity increases significantly from 40.72 to 231.69, the dielectric loss tangent increases from 1.07 to 1.29 at a frequency of 10,000 Hz, and electrical resistivity decreases from 1.29 × 108 to 2.37 × 107 Ω∙cm.