Electric, dielectric, and optical (band gap) properties of pure multiferroic as well as La- and Ni-doped SrFe12O19 (SFO) (at different sites) are investigated using a microscopic model and Green’s function technique. The concentration dependence of the polarization P is considered for substitution of rare earths ions on the Sr sites. For a small La ion doping concentration, x = 0.1, La-doped SFO is ferroelectric, whereas for a larger doping concentration, for example x = 0.5, it is antiferroelectric. The real part of the dielectric constant ϵ increases with an increasing magnetic field h. ϵ decreases with an increasing frequency and La dopants. Therefore, La-doped SFO is suitable for microwave application with a low dielectric constant. The magnetic properties of pure SFO NPs are also studied. Ni doping at the Fe site of SFO leads to enhanced ferroelectric polarization and dielectric constant. The band gap decreases or increases by substitution of Ni or In ions on the Fe site, respectively. The results reveal that the tuned band gap of Ni-doped SFO makes it a crucial candidate for optoelectronic and solid oxide fuel cell applications.