Examining the composition and heat treatment effects of co-precipitated Co0.7Mn0.3CrxFe2-xO4 (x = 0.0, 0.2, 0.4, 0.6, 0.8, and 1) ferrite nanoparticles provides valuable insights into the structural, morphological, optical, magnetic, and electrical properties of these materials. X-ray diffraction (XRD) and Rietveld refinement analyses confirm the spinel cubic crystalline phase of the samples, indicating the formation of well-defined crystal structures. Transmission electron microscope micrographs manifest the nanoscale nature of the produced specimens and their narrow particle size distribution with a small standard deviation. This uniformity is often desirable in many applications because it confirms the similarity of the properties and behaviors of the nanoparticles. The Fourier transform infrared spectroscopy study suggests that the substitution of Cr3+ ions at octahedral sites influences molecular stability. Annealing causes a slight expansion in bond length and a subsequent decrease in stability. The presence of Cr3+ ions enhances the strength of the specimens, while annealing weakens them. This indicates a fine balance between composition and processing conditions in determining the strength of the materials. The estimated optical indirect bandgap undergoes a redshift by adding Cr3+ ions. Annealing at elevated temperatures reduces the bandgap due to the quantum confinement effect, indicating the tunability of optical properties through compositional and thermal control. Samples with x ≥ 0.6 exhibit nearly zero coercivity, indicating superparamagnetic behavior, which have promising applications. The preference of Cr3+ ions to occupy octahedral B-sites influences the magnetic behavior of the materials. The dielectric polarization and dielectric loss improved by adding Cr3+ ions, while the alternating current conductivity decreased. From impedance spectroscopy, the real and imaginary parts, Z’ and Z”, were increased by increasing Cr content. Furthermore, the annealing process greatly affects the electrical properties of the specimens. Overall, the study emphasizes the intricate relationship between composition, annealing conditions, and the resulting structural, magnetic, and electrical properties of Co–Mn–Cr ferrite nanoparticles, providing significant observations for the development of tailored materials for diverse applications in electronics, magnetics, and medicine.