Ba1.5Sr0.5Zn2Fe28-xYbxO46 (x = 0.00, 0.07, 0.14, 0.21, and 0.28) hexaferrite were synthesized via sol-gel auto-combustion route to investigate the microwave absorption performance in different frequency bands. The structure has a single phase, and the variation in lattice parameter was observed due to Yb-content as host iron Fe3+ and substituted Yb3+ having different ionic radii. Microwave absorbing materials (MAMs) need to be lightweight, and the maximum crystallite size of prepared material is 41 nm. The physical properties vary with substitution, and the X-ray density value is higher than the bulk density, and the porosity of the prepared sample increases when the bulk density decreases. Micro-strain values are inverse to the crystallite size because Yb3+ has larger ionic radii than Fe3+. Rietveld refinement of the XRD patterns was conducted with a lower significance value. FTIR bands observed between 414 and 500 cm−1 are present due to iron-oxygen bond stretching and bending vibrations at octahedral and tetrahedral lattice sites. The cation distribution is highly responsible for the peak position of octahedral and tetrahedral sites—the dielectric constant increases with frequency because of dipole, interfacial, and electronic/atomic polarization. AC conductivity is very low, reflecting that the material can be used as a dielectric medium in the microwave frequency range's L, S, and C bands. The best MAM among all prepared materials is Ba1.5Sr0.5Zn2Fe27.72Yb0.28O46 which can be used for global positioning systems, weather radar, and satellite feeds as it has an excellent dielectric loss, remarkable tangential loss, and the reflection loss in P-, L-, S-, and C-bands. Other real-life application of all prepared materials are multi-layer chip inductor and longitudinal media recording.