In recent years, researchers have been making a persistent effort to discover innovative and appropriate oxide materials that can be exploited in optoelectronics devices. The primary objective of this research is to study the effect of Na/Mg co-doping on microstructure, transport (dielectric and Hall Effect), optical and magnetic properties of Ti0.94-yNa0.06MgyO2 (y = 0–0.08) compounds that were synthesized using a solid-state route method. All the compounds have been crystallized to a single rutile phase, as reported by the XRD study. The elemental color mapping reveals that there is a consistent distribution of all of the elements across the compound. The XPS study suggests that Ti mostly resided in the Ti4+ oxidation state. The enhancement of the Mg co-doping concentration led to a decrease in the dielectric value as well as the AC conductivity of the material. In addition to this, it has been noted that these compounds have a low dielectric loss. The analyses of Nyquist plots reveal that the increase of Mg co-doping concentration led to a rise in the amount of relaxation that is non-Debye sort. This, in turn, caused a reduction in the amount of resistance exhibited by grains and grain boundaries. The Maxwell–Wagner model was used to conduct an analysis of the dielectric data, and the results indicated that the hopping of charge carriers is most likely to be responsible for the transport of electrical charges. From the optical properties’ measurement and analyses, it was noticed that the band gap had been slightly changed, but the transmittance value had increased from 81% for Ti0.94Na0.06O2 to 84% with an increase in Mg co-doping concentration. The Hall Effect analysis unequivocally pointed to the presence of p-type conductivity as well as an increased carrier density concentration. The room temperature magnetization versus field measurement indicates the ferromagnetic nature of the samples. Thus, the co-doping of Mg with Na in TiO2 leads to a narrowing of the band gap of TiO2 while tweaking the optical and transport properties. The studied materials can be utilized for spintronics and optoelectronics applications.