The microwave electromagnetic properties of ferromagnetic-paramagnetic and ferromagnetic-diamagnetic composites can be changed by varying the concentration of diamagnetic (paramagnetic) and ferromagnetic components. To implement the task of introducing such composites into production, research is required to find effective and simple synthesis technologies that make it possible to vary the content of components with different magnetic characteristics. This work demonstrates a simple method for the synthesis of ferromagnetic ((NiZn)Fe2 O4 )- diamagnetic (ZnO) composites by modified chemical deposition followed by annealing. Also, a comprehensive study of the structural and electromagnetic characteristics of experimental samples was carried out. Using the powder X-ray diffraction method, it was revealed that the phase composition of the final samples is represented exclusively by diamagnetic and ferromagnetic phases. Using scanning electron microscopy, it was found that after thermal annealing the powders have submicron sizes with an average size of 100–137 nm. Using vibration magnetometry, magnetic hysteresis loops were measured, the analysis of which showed that an increase in the concentration of the diamagnetic phase leads to an increase in the coercive force of the composites. The measured microwave spectra of complex magnetic permeability show that by changing the ratio between the ferromagnetic and paramagnetic phases, it is possible to realize a frequency shift of natural ferromagnetic resonance. Also, through the calculation of the reflection coefficient on a metal plate, it is shown that the resulting composites can be used as the basis for new radio-absorbing materials. In addition, the synthesized powders can also be used to create microwave devices and microwave antennas.