Pure and zinc substituted Co–Ni mixed ferrites (ZnxCo0.005−xNi0.005Fe2O4, where x = 0, 0.002, 0.004 M) were effectively prepared by employing co-precipitation method and their physico-chemical properties were investigated. XRD results confirmed face centered cubic cobalt nickel spinel ferrite formation. The noticeable variations were found in peaks corresponding to planes (220) and (440) as well as in crystallite size with Zn2+ ion incorporation. SEM images revealed rock like ferrite particles with agglomerated nature. Raman spectra revealed typical phonon vibration modes T2g(1), T2g(2) and Eg of cubic ferrite system. The Raman stoke shift and line broadening effect was revealed with foreign cation substitution in Co–Ni mixed ferrite system. Transition mechanism of spinel ferrites as 3A2(3F) → 1T2(1D) and 3d5 → 3d4 4 s observed at 493 and 521 nm was confirmed by photoluminescence studies. The emission and luminescent property of prepared ferrite was strongly depending on substituted cations into the spinel structure. FTIR bands in finger print region located at 584 (υ1) and 432 (υ2) cm−1 could be attributed to the cationic vibration preferred in tetrahedral A site and octahedral B site. The electrochemical behavior strongly reflected the cationic incorporation by means of possessing specific capacitance value of about 183 F/g for the sample Zn0.002Co0.003Ni0.005Fe2O4 at the scan rate of 5 mV/s. The substitution of foreign cations into the spinel lattice is one of the effective processes for tailoring the physico-chemical properties of nanoferrites.