Structural and magnetic properties of polycrystalline alloys of Sm1-xYxFe11V [Y = Nd (0 ≤ x ≤ 0.4), Zr (0 ≤ x ≤ 0.6)] were investigated. Substitution of Nd for Sm promoted the formation of α-(Fe,V) and 3:29 phases. In the case of Zr-substitution, all the optimally heat-treated alloys crystallize into tetragonal ThMn12-type structure 1:12 phase and bcc α-(Fe,V) phase. For high Zr content of x = 0.4 and 0.6, Laves phase ZrFe2 was also detected with Curie temperature of 709 and 697 K, resp. The substitution of Zr resulted in a contraction of 0.7 % of the 1:12 cell volume Oriented powder XRD patterns indicated that the easy magnetization direction was along (002) c-axis. As Zr content increased from x = 0-0.6, anisotropy field decreased from 11 to 9 T and Curie temperature from 625 to 583 K. On the other hand, the saturation magnetization increased from 114 to 138 Am2 kg-1. Among the alloys investigated in the present study, the Sm0.61Zr0.40Fe11.03V0.96 with saturation magnetization of 129 Am2 kg-1, anisotropy field of 9.4 T and Curie temperature of 599 K is the most favorable candidate for permanent magnet applications.