Zinc substituted Magnesium ferrites synthesized by using Co-precipitation method. The structural characterisations of samples are carried out and formation of single-phase nickel ferrite was substantiated through powder X-ray diffraction. The lattice parameters were calculated that are in the range 8.323–8.361 Å.Surface morphology of samples were also investigated through Scanning electron microscopic (SEM) analysis. SEM images revealed clear grain structures of synthesised samples. Magnetic measurements showed the ferromagnetic behaviour, analysed through vibrating sample magnetometer (VSM) while magnetic parameters obtained using VSM measurementat room temperature. MS and HC were found to decrease with increases in the Zn concentration due to non-magnetic behaviour of zinc. The dielectric dispersion for the Mg–Zn ferrites were determined as a function of frequency (50 Hz to 5 MHz). The dielectric constant and the loss tangent decrease expeditiously with incrementing frequency, and then reaches a constant value. The semiconducting behaviour of Mg-Zn ferrites proved by measuring resistivity as a function of temperature and materials are showing thermistor relatively good thermistor constants, they can be utilized as thermistors. The results were discussed in detail in this research article.