The results of the measurements of magnetic susceptibility, Hall effect, and resistivity of the p‐type Pb_1−xSn_xTe solid solutions with x = 0.11 to 0.31 and a hole concentration of (3.1 to 7.9) × 10¹⁹ cm⁻³ are given. The magnetic susceptibility was measured in a temperature range of 78 to 450 °K, the Hall effect and resistivity in a range 4.2 to 450 °K. At T > 80 °K the Hall coefficient essentially increases with temperature, which can be explained by the presence of light and heavy hole bands. The temperature dependence of the magnetic susceptibility shows that the latter is paramagnetic for the holes, and the Pb_1−xSn_xTe valence band has a complex structure. Near T = 300 °K the temperature dependence of the magnetic susceptibility has peculiarities. It is supposed that the latter are connected with the conversion of the g‐factor to zero when the hole effective mass increases with temperature.