The DyxPr2-xFe17 (x =0.0, 0.1, 0.2, 0.3, 0.4) powder were prepared by arc-smelting and high energy ball milling method. The phase structure, morphology, magnetic properties and electromagnetic parameters of the powder were investigated by X-ray diffraction (XRD), scanning electron microscopy (SEM), vibrating sample magnetometer (VSM) and vector network analyzer (VNA), respectively. The results reveal that the saturation magnetization of the DyxPr2-xFe17 alloys decreases with the increase of Dy content. The minimum absorption peak frequency shifts towards higher frequency region upon the Dy substitution. And the minimum reflection loss of the DyxPr2-xFe17 alloys increases firstly and then decreases upon the Dy content. The Dy0.3Pr1.7Fe17 powder exhibits the best microwave absorbing properties. The minimum reflection loss of Dy0.3Pr1.7Fe17 powder is about -42.38 dB at 5.04 GHz, and the frequency bandwidth of RL < -10 dB reaches about 1.20 GHz with the best matching thickness of 2.5 mm.