Mixed nanoferrites have been increasingly used as functional materials due to their versatile magnetic properties, associated with high surface energies. This work studied a series of mixed (Co1-yNiy)Fe2O4 nanoferrites with y = 0, 0.25, 0.5, 0.75 and 1.0, which were aimed to finely tune their magnetic properties by using composition manipulation. The synthesis was conducted via a nitrate/citrate sol-gel method associated with low annealing temperature, which provided easy control of cation distribution in the nanostructure. XRD results confirmed the formation of a cubic spinel phase for all the samples. TEM and BET results further confirmed the nanoscale (11–16 nm) size of the obtained particles of the materials. Raman and Mössbauer techniques allowed for the determination of the spinel inversion degree of the samples by estimating the population of Fe3+ cations at octahedral (B) and tetrahedral (A) sites. Nickel ferrite is arranged in an inverse spinel framework with soft magnetic behavior (Hc=83 Oe; Ms=41.72 emu.g−1), while the cobalt ferrite sample (CoFe2O4) shows a hard magnetic behavior (Hc=894 Oe; Ms=51.13 emu.g−1) with a structure of a partially inverse spinel. The considerable magnetic hardening upon Co2+ substitution is explained considering the increase in anisotropy energy and the decrease in inversion degree, which generate a net growth in the magnetic moment. This study is a further step towards understanding the inversion mechanisms involved in the fine-tuning of ferrimagnetic compounds.