Motivated by recent experiments, we present a comprehensive theoretical study of the geometrically frustrated strongly correlated magnetic insulator Mn3O4 spinel oxide based on a microscopic Hamiltonian involving lattice, spin and orbital degrees of freedom. Possessing the physics of degenerate eg orbitals, this system shows a strong Jahn-Teller effect at high temperatures. Further, careful attention is paid to the special nature of the superexchange physics arising from the 90 o Mn-O-Mn bonding angle. The Jahn-Teller and superexchange-based orbital-spin Hamiltonians are then analysed in order to track the dynamics of orbital and spin ordering. We find that a high-temperature structural transition results in orbital ordering whose nature is mixed with respect to the two originally degenerate eg orbitals. This ordering of orbitals is shown to relieve the intrinsic geometric frustration of the spins on the spinel lattice, leading to ferrimagnetic Yafet-Kittel ordering at lowtemperatures. Finally, we develop a model for a magnetoelastic coupling in Mn3O4, enabling a systematic understanding of the experimentally observed complexity in the low-temperature structural and magnetic phenomenology of this spinel. Our analysis predicts that a quantum fluctuation-driven orbital-spin liquid phase may be stabilised at low temperatures upon the application of pressure.