Ferrites are of great interest for both fundamental science and technological applications due to their outstanding physical, chemical, and magnetic properties. Among various ferrites, Mg‐Zn ferrites is one of the best magnetic materials for researchers due to their unique properties such as high electric resistivity, Curie temperature, low coercivity, low eddy current, dielectric losses, low cost, and better environmental stability. This makes ferrites suitable for many applications such as power transformers, microwave devices, computer memories, logic devices, recording heads, loading coils, antenna rods, color monitoring tubes, telecommunications, hyperthermia, and so forth. Mg‐Zn ferrite nanoparticles have gained increased interest for many applications such as catalysts, antimicrobial potential, and sensors for the detection of combustible gases (CH4, CO, and CO2). In this brief review, the strategies used in the synthesis of Mg‐Zn ferrite nanoparticles are summarized. The different structural, morphological, magnetic, and electric properties of these ferrites are analyzed.