Mn0.3Ni0.3Zn0.4YxFe2-xO4 (x = 0.00, 0.02, 0.05, 0.07, 0.10, 0.15) are synthesize followed by the conventional double sintering ceramic technique. Significant effects of yttrium addition in structural, magnetic, and electric properties of Mn-Ni-Zn ferrite are discussed. The samples are characterized by powder X-ray diffraction (XRD), scanning electron microscopy, vibrating sample magnetometer, and impedance analyzer. XRD pattern reveals that the samples are in simple cubic spinel structure. The microscopic image has confirmed that the average grain size increases with the higher substitution of yttrium. The enhancement of magnetic properties with the addition of yttrium content compared to the un-doped Mn-Ni-Zn ferrite is worth to mention. The frequency and temperature dependence of initial permeability is discussed in the light of magnetic spin canting and grain size of the particles. The excellence of the material from the application perspective can also be noticed from the significant emphasis of the quality factor. Appreciable high saturation magnetization is noticed with the substitution of yttrium that may be owing to the gradual decrease of the Yafet-Kittel angle with the increasing content. A significant increase in dielectric constant associated with the yttrium doping is also observed and reaches a maximum value for the higher substitution of yttrium content.