Ni-Zn ferrite of compositional formula Ni0.5Zn0.5Fe2O4 was prepared by co-precipitation method. The effect of heat treatment at 600, 800, 1000 and 1200oC on their structures and hence magnetic properties were investigated. Their phase analysis and morphological studies was done using XRD, FTIR, FT-Raman and SEM-EDAX. Room temperature magnetization loops of the prepared materials were recorded up to a maximum applied field of 15kOe to study the effect of structural variation on magnetic properties. Further, magnetization loops of Ni-Zn ferrite heated at 1200oC were recorded at 150K and 50K to investigate the variation of magnetic properties at low temperatures. Law of approach to saturation magnetization was applied to all the magnetization curves under investigation. The fitted parameters reveal information on the processes of magnetization, anisotropy constant, and saturation magnetization of Ni-Zn ferrites. Law of approach to saturation magnetization in the form = (1− /2) + was also found to be successfully applicable to magnetization curves of all the prepared Ni-Zn ferrites in room temperature as well as low temperatures. Its application and significant results were also discussed in detailed.