The nanosized M-type hexaferrites SrFe11.5Zn0.5O19, Sr0.95Dy0.05Fe12O19, and Sr0.95Dy0.05Fe11.5Zn0.5O19 were produced by auto combustion utilizing citric acid. The impacts of substituting Zn2+ as well as Dy3+ ions upon the structural, electrical, magnetic, and optical properties of SrFe11.5Zn0.5O19, Sr0.95Dy0.05Fe12O19 and Sr0.95Dy0.05Fe11.5Zn0.5O19 nanoferrites have been studied using XRD, FTIR, UV–Visible, FESEM, VSM, and LCR meter. The formation of a single-phase lattice was confirmed by the XRD analyses. For the investigated samples, the crystallite size rose from 36 nm for SrFe11.5Zn0.5O19 to 37 and 33 nm, for Sr0.95Dy0.05Fe12O19, and Sr0.95Dy0.05Fe11.5Zn0.5O19 respectively. In FTIR spectra, a couple of absorption bands have been seen. The prepared samples possess a strong tendency to clump together into large masses, according to FSEM. The samples’ band gap values vary from 1.8 to 2.4 eV. Additionally, the dielectric parameters based on a Maxwell–Wagner two-layer approach have also been described. The results reveal that the dielectric constant (ε’) as well as dielectric loss (ε’’) decrease with increasing applied field frequency, whereas the AC conductivity (σac) increases. The VSM results show that all the investigated materials are referred to as hard magnetic materials.