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In the present review paper, we have explained the structure of Y-type hexagonal ferrite and various synthesis techniques. This paper also includes structural, electrical, magnetic properties and applications of Y-type hexaferrites and focusses on their use in antenna applications and microwave absorbing characteristic materials. Ferromagnetic nature of hexaferrites cause the induction of magnetisation within the crystal structure, which divide them into two groups: First with easy axis of magnetisation is known as uniaxial hexaferrites and second is known as ferroxplana having easy plane of magnetisation. The excellent magnetic properties of Y-type ferrites make them useful in the devices operating at high frequency range. The persistence of high refractive index upto 1 GHz enables these hexagonal ferrites useful in UHF antenna designs with small dimensions. The doping in Y-type hexaferrites affect all the properties. Current developments in Y-type hexaferrites will be explained in detail in the review of literature related to Y-type hexaferrites for the last 25 years, i.e. from 1994 to 2019 in this review paper.