The structural and magnetic properties of BaFe12−2xCoxTixO19 (0≤x≤1.0) M‐type barium ferrite have been investigated by means of neutron powder diffraction and high‐field magnetization measurements. The cationic distribution and magnetic moments of the five different metallic sublattices are determined and compared to the experimental saturation magnetization. It is found that about 50% of Co ions occupy tetrahedral sites, thus being ineffective in the reduction of the uniaxial magnetic anisotropy, while Ti ions prefer the 4fVI octahedral sites. All in all, a clear hierarchy of sublattice preferences is defined. Although the collinearity of the magnetic structure is progressively broken, mainly above x≊0.7, the overall behavior remains ferrimagnetic. The strong local spin canting is tentatively attributed to the localization of diamagnetic Ti ions in the 4fVI octahedral sites.