In this article we analyze the electromagnetic properties of rare earth substituted Ni–Co and Ni–Co–Zn cubic ferrites in the microwave band, along with their performance as microwave absorbing materials. Ceramic samples with compositions Ni0.5Co0.5Fe2−xRxO4 and Ni0.25Co0.5Zn0.25Fe2−xRxO4 (R=Y and La, x=0, 0.02), fabricated with the solid state reaction method, were characterized with regard to the complex permeability μ*(f) and permittivity ε*(f) up to 20GHz. The rare earth substitutions basically affect the microwave μ*(f) spectra and the dynamic magnetization mechanisms of domain wall motion and magnetization rotation. Key parameters for this effect are the reduced magnetocrystalline anisotropy and the created crystal inhomogeneities. Moreover, permittivity is increased with the Y and La content, due to the enhancement of the dielectric orientation polarization. Regarding the electromagnetic wave attenuation, the prepared ferrites exhibit narrowband return losses (RL) by virtue of the cancellation of multiple reflections, when their thickness equals an odd multiple of quarter-wavelength. Interestingly, the zero-reflection conditions are satisfied in the vicinity of the ferromagnetic resonance. As the rare earth doping shifts this mechanism to lower frequencies, loss peaks with RL>46dB occur at 4.1GHz and 5GHz for Y and La-doped Ni–Co–Zn spinels, whereas peaks with RL>40dB appear at 18GHz and 19GHz for Y and La-doped Ni–Co spinels, respectively. The presented experimental findings underline the potential of cubic ferrites with high Co concentration in the suppression of electromagnetic reflections well above the 1GHz region.