Electric, dielectric and magnetic properties of SrFe12O19 hexaferrite ceramics obtained from hydrothermally synthesized single-phase nanopowders were studied in wide temperature range. The effect of space charge polarization, related to highly conducting grains with poor conducting grain boundaries, was found to be apparent at high temperatures and at low frequencies. The activation energy of relaxation of the (Fe3+–Fe2+) dipoles in low conducting grain boundary regions was found to amount to 0.20 eV for non-annealed ceramics and to increase to 0.32 eV after thermal treatment. The temperature and frequency dependences of the dielectric permittivity for non-annealed and annealed SrFe12O19 ceramics were found to be correlated with respective dependences of the electric conductivity. We relate the observed increase in the saturation magnetization after annealing to an increase in coherent spin rotation in greater grains, which are however still below the critical single-domain size.