A sample of Co0.5Sr0.5Fe2O4 nanoparticles was synthesized by the coprecipitation technique to explore the effect of annealing on the structure and some physical properties of the produced material. The coprecipitated sample consists of an orthorhombic strontium carbonate phase and the required cubic Co0.5Sr0.5Fe2O4. Annealing at elevated temperatures (900 °C) leads to the formation of cubic and hexagonal phases. This crystal structure was confirmed by X-ray diffraction analysis (XRD). The accuracy of the cation distribution of the cubic phase determined from the Rietveld analysis of XRD patterns is demonstrated by matching the experimental and theoretical lattice constants. There are several noticeable changes in aspects as the annealing temperature goes up. The transmission electron microscopy (TEM) images indicated that heating substantially affects the growth and densification of the smaller nanoparticles. There is a drop in the longitudinal and transverse wave velocities, bulk, rigidity, Young's moduli, Poisson ratio (σ), and Debye temperature (θD) with annealing and grain growth. The saturation magnetization and coercive field are enhanced with annealing. The particle size distribution calculated from TEM is confirmed and supported by the switching field distribution. The indirect optical bandgap energy (Eg) decreased with annealing. The present study concentrated on the thermal treatment impacts on various optical parameters, such as the refractive index and extinction coefficient. The optoelectrical parameters, such as the dielectric constant, dielectric loss, and optical and electrical conductivity, were extensively investigated, giving valuable insights, and their results were interpreted. These findings suggest potential applications in magnetic storage, sensors, and optoelectronics fields.