In this study, CoxZn1−xO (X = 0, 0.06, 0.18, 0.36, 0.54, and 1) nanoparticles were synthesized by one‐step solution combustion synthesis method. The critical role of X values and fuel (glycine)‐to‐oxidizer (F/O) ratios (0.75, 1, and 1.25) were investigated on the physicochemical properties of synthesized particles. X‐ray diffraction (XRD) results showed that by increasing the X molar fraction, up to 0.36 mol. %, at the F/O ratios of 0.75, 1, and 1.25, crystallite size decreases from 31 to 26, 39 to 31, and 64 to 43 nm, respectively. ZnO‐Co3O4 mixed oxide nanopowders were directly crystallized at X = 0.54 in all F/O ratios. Semi‐quantification evaluations of XRD results showed that the F/O ratio had a direct effect on the quantities of the crystallized and the content of the amorphous phases. According to the vibrating sample magnetometer analysis results (VSM), the greatest magnetization saturation (Ms) value of 30 emu/g was obtained at X = 1 and F/O ratio of 1.25. Calorimetry analysis revealed that by increasing the content of the doping agent, ie, cobalt ion, up to the molar fraction of 0.18, dark green color is observed in the specimens, and the deepest green color was obtained at F/O = 1.