In the present work, we have focused on crystal structure, magnetic properties, M-H curve, superparamagnetic behavior and magneto-crystalline anisotropy of soft ferrimagnetic oxides having spinel structure. Due to their unique magnetic properties such as high Curie temperature and high saturation magnetization, spinel ferrites offer opportunities for applications in different fields such as hyperthermia, targeted drug delivery, magnetic resonance, microstrip antenna. Various applications of these ferrites have been discussed and explored due to possibility nano-size material synthesis.