The effect of Zr-substitution on the physical and magnetic properties of Li 0.3+0.5x Zn 0.4 Zr x Fe 2.3-1.5x O 4 ferrites (x=0.0, 0.01, 0.02, 0.03 and 0.05), prepared by the standard ceramic method, has been studied. It is found that the saturation magnetization increases up to x=0.02 and then it decreases. On the other hand, the initial permeability increased while the Curie temperature remained almost constant with increasing x. The behavior of coercivity and remanence ratio was discussed. The composition dependence of the dc electrical resistivity is found to support the hopping conduction mechanism.