The polycrystalline compounds with chemical formulaCaxSryBa1-x-yFe12-zLazO19(CSBFLO) were synthesized via standard ceramic method. The chemical phase analysis was carried out by X-ray powder diffraction (XRD) method, which confirmed the formation of the magnetoplumbite phase belonging to ferrite structure. The frequency dependence of AC conductivity and dielectric constant was studied in the frequency range of 10 Hz to 2 MHz. The experimental results revealed that AC conductivity increases with increasing frequency, which is in agreement with Koop’s phenomenological theory. However, variation in dielectric constant required explanation in light of dielectric polarization. Magnetic characterization included studies of parameters such as Ms, Mr, Hc, and Tc, and results were explained via magnetic dilution and canting spin structure.