Plate-like CexNd2−xFe17 (x = 0.0, 0.1, 0.2, 0.3, 0.4) powders have been synthesized by an arc melting and high-energy ball milling method. The structure of the Nd–Ce–Fe powders was investigated by x-ray diffraction analysis. Their morphology and particle size distribution were evaluated by scanning electron microscopy and laser particle analysis. The saturation magnetization and electromagnetic parameters of the powders were characterized using vibrating-sample magnetometry and vector network analysis, respectively. The results reveal that the CexNd2−xFe17 (x = 0.0, 0.1, 0.2, 0.3, 0.4) powders consisted of Nd2Fe17 single phase with different Ce contents. The particle size and saturation magnetization decreased with increasing Ce content. The resonant frequencies of ε″ and μ″ moved towards lower frequency with increasing Ce concentration. The minimum reflection loss value decreased as the Ce content was increased. The minimum reflection loss and absorption peak frequency of Ce0.2Nd1.8Fe17 with coating thickness of 1.8 mm were −22.5 dB and 7 GHz, respectively. Increasing the values of the complex permittivity and permeability could result in materials with good microwave absorption properties.