Graphene oxide (GO) nanostructures are systems with many fascinating novel properties that can be used to study new science and have significant promise for applications. In this study, graphene oxide was prepared using the modified Hummer’s method. In addition, potassium ferrite is a good candidate for biomedical application, as iron and potassium are biocompatible and non-toxic materials. Mg0.85K0.3Fe2O4/GO nanocomposites were prepared by the citrate auto-combustion method. The effect of adding GO to Mg0.85K0.3Fe2O4 on structure, morphology, electrical, and magnetic properties was discussed. Samples under investigation were characterized using XRD, infrared spectroscopy (IR), high-resolution transmission electron microscopy (HRTEM), and atomic force microscopy (AFM). The crystallite size of prepared samples was decreased from 28.098 to18.148 nm by increasing GO content. Scanning electron microscope (SEM) confirms the successful adhesion of Mg0.85K0.3Fe2O4 nanoparticles on graphene oxide sheets, which are dispersed in a metal oxide matrix. EDAX analysis confirms the existence of C, O, K, Mg, and Fe elements present in the samples. Magnetic properties were studied by VSM and Faraday's method. GO has a significant effect on the magnetic properties of nanocomposites. For instance, the saturation magnetization and Curie temperature have diverse values, which will be appropriate for numerous applications.