Two ferroborates Li5MSrFeB12O24 (M = Mg, Zn) crystallized in trigonal R3 space group, were obtained by high temperature solid state reaction. Centimeter‐level Li5MgSrFeB12O24 single crystals were grown from high temperature solution using Li2B4O7 as a self‐flux. In their structures, [FeO6] octahedra connect with [B2O6] chains by corner‐sharing O atoms forming the three‐dimensional [FeB12O24] framework. The family of ferroborates(III) was summarized and the structural comparison with Ba2MgB6O12 based on cation cosubstitution was also discussed to better understand the crystal structures of Li5MSrFeB12O24 (M = Mg, Zn). The transmittance spectrum of a Li5MgSrFeB12O24 crystal was measured to detect its transmittance window. In addition, thermal behaviors, other optical and magnetic characteristics of Li5MSrFeB12O24 (M = Mg, Zn) were discussed as well.