Different types of ferrimagnetic spinel nanoferrites having the general formula Li0.5Fe2.5O4, NiFe2O4, ZnFe2O4 and MnFe2O4 were synthesized by chemical sol-gel method. The synthesized nanoferrites were milled using high energy ball milling to get fine and homogenous nanoferrite particles. The nanoferrites were characterized using X Ray Diffraction (XRD) Technique and Fourier Transform Infrared (FTIR) Spectroscopy. XRD patterns confirmed the spinel structure of the samples. FTIR studies show the metal oxygen bond of the tetrahedral and octahedral sites. These nanoferrite particles were used to prepare ferrite nanofluids using different solvents. The optical property of these fluids was studied using a UV spectroscopy. The results of all the measurements were analyzed and reported in this paper.