CoYbxFe2-xO4 (x = 0.00, 0.025, 0.05, 0.075, 0.10) spinel ferrites were synthesized by co-precipitation technique. Structural, dielectric and magnetic properties were measured. X-ray diffraction analysis showed that all the prepared spinel ferrites possessed cubic spinel structure. Dielectric constant, AC conductivity and dielectric loss decreased with the addition of rare earth ions. The impedance analysis explained the role of grains and grain boundaries with in prepared samples. Cole-Cole plots helped to measure the values of grains and grain boundary's resistance. The magnetic properties proved the soft nature of these ferrites. Saturation magnetization and remanence decreased while coercivity was enhanced with the addition of ytterbium concentration. All these parameters suggested that these prepared samples might be suitable for high frequency applications.