We report results on the structural and microwave properties and magnetic phase transitions in polycrystalline Sr3Co2Fe24O41 hexaferrite synthesized by sol-gel auto-combustion and acting as a filler in a composite microwave absorbing material. The zero-field-cooled (ZFC) and field-cooled (FC) magnetization curves revealed a change in the magnetization behavior at 293 K. The reflection losses in the 1–20 GHz range of the Sr3Co2Fe24O41 powder dispersed homogeneously in a polymer matrix of silicon rubber were investigated in both the absence and presence of a magnetic field. In the latter case, a dramatic rise in the attenuation was observed. The microwave reflection losses reached the maximum value of 32.63 dB at 17.29 GHz in the Ku-band. The sensitivity of the microwave properties of the composite material to the external magnetic field was manifested by the appearance of new reflection losses maxima. At a fixed thickness tm of the composite, the attenuation peak frequency can be adjusted to a certain value either by changing the filling density or by applying an external magnetic field.