This study presents the synthesis and comprehensive evaluation of nanocrystalline CoxNi0.5-xMn0.5Fe2O4 (0.0 ≤ x ≤ 0.5) ferrites. Utilizing a variety of analytical techniques including X-ray diffraction (XRD), Fourier transform infrared spectroscopy (FTIR), ultraviolet-visible (UV–Vis) spectroscopy, field emission scanning electron microscopy (FESEM), and vibrating sample magnetometry (VSM), we characterized the structural, optical, elastic, and magnetic properties of the synthesized nanoparticles. Our findings reveal that increasing Co content leads to a systematic increase in lattice constant from 8.33 Å to 8.39 Å and influences the crystallite size, which ranges between 10 and 15 nm as determined by XRD. Notably, the band gaps of these nanoparticles span from 2.8 to 3.6 eV, varying with Co concentration. Magnetic measurements indicate a transition from superparamagnetic-like behavior at x = 0 to enhanced saturation magnetization, remanence, and coercivity with higher Co content. The novelty of this research lies in the detailed correlation between Co substitution and the resultant changes in multiple physical properties of NiMn nanoferrite, offering potential applications in various technological fields such as magnetic storage, sensors, and biomedical applications.