The site preference and magnetic properties of Zn, Sn and Zn-Sn substituted M-type strontium hexaferrite (SrFe$_{12}$O$_{19}$) have been investigated using first-principles total energy calculations based on density functional theory. The site occupancy of substituted atoms were estimated by calculating the substitution energies of different configurations. The distribution of different configurations during the annealing process at high temperature was determined using the formation probabilities of configurations to calculate magnetic properties of substituted strontium hexaferrite. We found that the magnetization and magnetocrystalline anisotropy are closely related to the distributions of Zn-Sn ions on the five Fe sites. Our calculation show that in SrFe$_{11.5}$Zn$_{0.5}$O$_{19}$, Zn atoms prefer to occupy $4f_1$, $12k$, and $2a$ sites with occupation probability of 78%, 19% and 3%, respectively, while in SrFe$_{11.5}$SnO$_{19}$, Sn atoms occupy the $12k$ and $4f_2$ sites with occupation probability of 54% and 46%, respectively. We also found that in SrFe$_{11}$Zn$_{0.5}$Sn$_{0.5}$O$_{19}$, (Zn,Sn) atom pairs prefer to occupy the ($4f_1$, $4f_2$), ($4f_1$, $12k$) and ($12k$, $12k$) sites with occupation probability of 82%, 8% and 6%, respectively. Our calculation shows that the increase of magnetization and the reduction of magnetic anisotropy in Zn-Sn substituted M-type strontium hexaferrite as observed experimentally is due to the occupation of (Zn,Sn) pairs at the ($4f_1$, $4f_2$) sites.
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