In this study, the manganese-doped manganese–cobalt–iron spinel was prepared by the sol–gel self-combustion method, and its physical and chemical properties were analyzed by XRD (X-ray diffraction analysis), SEM (scanning electron microscope), and VSM (vibrating sample magnetometer). The mercury removal performance of simulated flue gas was tested on a fixed bed experimental device, and the effects of Mn doping amount, fuel addition amount, reaction temperature, and flue gas composition on its mercury removal capacity were studied. The results showed that the best synthesized product was when the doping amount of Mn was the molar ratio of 0.5, and the average mercury removal efficiency was 87.5% within 120 min. Among the fuel rich, stoichiometric ratio, and fuel lean systems, the stoichiometric ratio system is most conductive to product synthesis, and the mercury removal performance of the obtained product was the best. Moreover, the removal ability of Hg0 was enhanced with the increase in temperature in the test temperature range, and both physical and chemical adsorption play key roles in the spinel adsorption of Hg0 in the medium temperature range. The addition of O2 can promote the removal of Hg0 by adsorbent, but the continuous increase after the volume fraction reached 10% had little effect on the removal efficiency of Hg0. While SO2 inhibited the removal of mercury by adsorbent, the higher the volume fraction, the more obvious the inhibition. In addition, in an oxygen-free environment, the addition of a small amount of HCl can promote the removal of mercury by adsorbent, but the addition of more HCl does not have a better promotion effect. Compared with other reported adsorbents, the adsorbent has better mercury removal performance and magnetic properties, and has a strong recycling performance. The removal efficiency of mercury can always be maintained above 85% in five cycles.