Novel microwave dielectric ceramics ZnMg2TiO5 were synthesized by traditional solid-state method. Crystal structure refinement, transmission electron microscopy (TEM), and Raman spectroscopy reveal the coexistence of a secondary phase, MgO, with the predominant cubic spinel phase (Fd-3m) in ZnMg2TiO5 ceramics. The ceramics with dense microstructures exhibit excellent microwave dielectric properties at 1260 °C: εr = 15.6, Q×f = 92,899GHz (at 10.8GHz), and τf = −56.9 ppm/°C. The content of MgO, driven by thermodynamic factors, influences significantly impact the microstructure and microwave dielectric properties of the ceramics, particularly inducing the generation of localized lattice distortions and the formation of dislocations. The εr follows the same trend as the molecular polarizability of the actual individual crystal cells. Notably, a near-zero τf (−7.4 ppm/°C) was realized by two-phase composites and excellent comprehensive properties were obtained (εr = 17.9, Q×f = 57,546GHz).