Herein, we report a comprehensive and comparative study on the structural, microstructural, magnetic and room temperature hyperfine properties of nanosized Ni0.4Zn0.6Fe2O4 having particle sizes 48 (S1), 21 (S2) and 15 (S3) nm synthesized by high energy ball milling method. All the samples are characterized by powder X-ray diffraction, transmission electron microscopic, field emission scanning electron microscopic and Mössbauer spectroscopic techniques. S1, S2 and S3 are single phase nanosized cubic spinel ferrites of Fd-3m symmetry with lattice parameter 8.39, 8.41 and 8.44Å, respectively, and the samples consist of particles having assorted size and nearly spherical shape. The constituent particles of S1 exhibit multi domain magnetic structure. It shows collective magnetic behavior and clear hysteresis loop at 300K with coercive field of 140Oe. On the other hand, S2 and S3 are composed of particles with single domain magnetic configuration and these samples show purely superparamagnetic behavior above their blocking temperature (TB). All the samples display magnetic ordering at low temperature. The values of TB of S2 and S3 are 250 and 185K, respectively. The values of saturation magnetization (MSAT) of S1, S2 and S3 at 300K are 47, 42, 30emu/g, at 150K are 58, 50, 43emu/g and at 10K are 86, 72, 56emu/g, respectively. The values of coercivity of S1, S2 and S3 at 150K are 280, 400, 350Oe and at 10K are 1600, 2800 and 2000Oe, respectively. It has been shown that for mechanically activated nanosized Ni0.4Zn0.6Fe2O4 the values of MSAT decrease with the reduction of particle size due to surface spin canting effect, the coercivity is determined by the magnetic domain structure of the particles in the samples, cation distribution can be reliably estimated through infield Mössbauer spectroscopic study and field dependent dc magnetization measurement in conjugation and the particles in S2 are comprised of ferrimagnetically aligned core surrounded by surface region having highly noncollinear spin structure. The sample S2 exhibits memory effect in its dc magnetization recorded as a function of temperature, which may be utilized in fabrication of magnetic storage devices.