Effect of Pb2+ substitutions on the structural, magnetic and dielectric properties of SrFe12O19 in the form of SrFe12-xPbxO19 (x = 0, 0.1, 0.2 and 0.3) is carried out. All the samples crystalize in hexagonal magneto-plumbite structure with P63/mmc symmetry. An irregular but randomly distributed particles with average particle size increased from 0.791 μm to 1.131 μm due to substitutions. A characteristics Hopkinson peak is observed just below the transition temperature, may be stems from the superparamagnetic relaxations. The isothermal magnetization depicts an increase in coercivity (Hc) and decrease in saturation magnetization (Ms) due to Pb substitutions, which is further explained in the framework of site symmetry of the Fe and its multiple valence states. Mossbauer study reflects that, Fe3+/ Fe2+ present in the systems are associated with different electric environment. Furthermore, the shifting of dielectric transition by 50 °C upon substitutions is associated to dipole formation in presence of lone pair of Pb2+. A relaxor type of behavior is acquired by the system with a non-Debye type of relaxation is explained on the basis of complexity of the dipoles associated with each crystallographic sites.