In response to the growing demand for efficient and cost-effective optically active materials for magneto-optoelectronic devices, we investigated the electronic structure and optical properties of La-substituted (BLM) -type hexaferrite, a magnetic transition metal oxide with a high absorption coefficient and strong perpendicular magnetic anisotropy (PMA). Theoretical calculations using generalized gradient approximation (GGA) revealed localized charge confinement at of the octahedral sites which also leads to the conversion of to . The optical calculations revealed optical anisotropy where light polarization along is observed to be greater than that for light polarization and a high optical absorption coefficient. The presence of optical absorption in the low-energy range (0.0–2.0 eV) in BLM is likely due to a optical transition, attributed to at octahedral site. Furthermore, BLM thin films are fabricated on n-type Si and quartz substrates to study magnetic and photoresponse characteristics. It is revealed that PMA with a coercivity () of Oe and a magnetic anisotropy constant () of . The ratio changes significantly with the applied field direction, suggesting weak exchange interaction due to ion. BLM also exhibits optically active absorption in the deep UV region, which is consistent with the obtained high absorption coefficient, highlighting its optical responsiveness. To evaluate the photoresponse characteristics, we have fabricated prototype photodetectors using a BLM film, which achieved a responsivity () of 5 A/W and a detectivity (*) of Jones. These photodetectors exhibited rapid response times, with a rise time of and a fall time of under 405-nm laser illumination. These findings highlight the potential of BLM thin films in magneto-optoelectronic devices, paving the way for innovative applications.