We investigate the composition dependence of microwave properties of a series of cold-pressed powder compacts prepared from nanoparticles of ZnO, Ni, Co, and γ-Fe2O3 using the microstrip line method and spin wave spectroscopy (SWS). The microwave spectra of these magnetic nanocomposites (NCs) are found to possess a double-peak behavior in the losses over the 2–16GHz frequency range. The observed effect is most likely due to oxygen-containg species that were adsorbed at the surface of the NC leading to core/shell structured nanoparticles. The relative change of the SW group velocity induced by the samples, probed by SWS, is observed to depend significantly on the chemical composition and volume fraction of magnetic species contained in the NC. It is argued that the peaks in the losses have a magnetic character and are due to spin excitations of magnetic nanoparticles. Combined, the microwave characteristics of NCs are strongly influenced by the nature of the magnetic species and reveal opportunities for efficient nanomaterials in the realm of microwave magnetoelectric devices.