Ni0.5Zn0.5Fe1.95RE0.05O4 (RE=La, Pr, Sm, Dy) spinel ferrites were prepared using the sol-gel method. X-ray diffraction analyses revealed that doping with rare earth ions increases the lattice parameters of the ferrites, accompanied by a decreasing trend due to lanthanide contraction. Mössbauer spectrum showed that rare earth ion doping facilitates the migration of iron ions from B sites to A sites, with the extent of migration increasing alongside the atomic number of the rare earth elements. Vibrating sample magnetometer tests indicated a general decrease in saturation magnetization following rare earth ion doping. A comprehensive investigation into the effects of different rare earth ion dopings on the properties of Ni-Zn ferrites was conducted by calculating theoretical magnetic moments and comparing them with the experimentally measured values. This comparison elucidated the mechanism behind the magnetic alterations in rare earth-doped spinel ferrites, providing theoretical support for future magnetic modulation in these materials.