In this research, LuxLaySr1–yFe12–xO19, an M‐type strontium ferrite, is synthesized using the coprecipitation method with precursor chemicals. The samples undergo analysis for structure, morphology, and elemental composition through X‐ray diffraction (XRD) and scanning electron microscopy (SEM). Magnetic and dielectric properties are determined using a vibrating sample magnetometer (VSM) and a dielectric property measurement instrument (LCR), respectively. The primary objective of this study is to enhance the dielectric performance of the samples through rare‐earth element doping. The XRD analysis reveals that the samples display a hexagonal single‐phase magnetoplumbite crystal structure. SEM micrographs illustrate a regular hexagonal structure of the grains. VSM analysis affirms LuxLaySr1–yFe12–xO19 as a hard magnetic material with a high coercivity. As the rare‐earth element content increases, the coercivity of the samples significantly decrease from 2065.3 to 910.3 Oe. Dielectric property analysis demonstrates that augmenting the rare‐earth element (Lu–La) content notably increases the relative dielectric constant of the samples. In the low‐frequency region, the relative dielectric constant ranges from 6.71 × 103 to 1.28 × 105, while in the high‐frequency region, it ranges from 3.09 × 103 to 2.03 × 104. Samples doped with rare‐earth elements exhibit a high dielectric constant and low coercivity, rendering them suitable for applications in electromagnetic shielding materials. This can help reduce interference from magnetic fields on internal components while blocking electromagnetic waves.