Fe and Ni oxide-based systems are often investigated as electrocatalysts for the oxygen evolution reaction (OER) in water electrolysis and the improvement in OER activity is explained by two main reasons, (i) improving bulk electrical conductivity and (ii) synergic effect between Ni and Fe. Among the two factors, the identification of the dominant factor for OER is very important for catalyst engineering in the right direction. In order to have a better understanding, spinel-structured ZnFe2O4 nanoparticles have been synthesized and its bulk conductivity is studied by progressively varying Ni doping. The conductivity of the synthesised compounds follows the order of ZnFe2O4 > Ni0.3Zn0.7Fe2O4 > Ni0.5Zn0.5Fe2O4 > Ni0.7Zn0.3Fe2O4 > NiFe2O4. The oxygen evolution studies reveal that NiFe2O4 is highly active with an onset potential of 1.57 V versus reversible hydrogen electrode (RHE) and Tafel slope of 102 mV/dec. With the increase in Ni doping, the structure changes from spinel to inverse spinel as confirmed by X-ray diffraction and Raman spectra. Further, the contribution from Ni redox sites in addition to Fe ion sites and FexNi1−xOOH species formation, causes improved OER performance. This study uniquely proves that the OER activity majorly relies on redox/active metal sites, FexNi1−xOOH species and charge transfer resistance at OER potential rather than the bulk electrical conductivity of spinel ferrites. This conclusion is supported by voltammetry and impedance studies of five different spinel ferrites.