Nanocrystalline Ni 1−x Zn x Fe 1.5 Cr 0.5 O 4 (0 ≤ x ≤ 0.5) ferrite was prepared using a citrate method. The influence of Zn 2+ ion substitution on structure, magnetic, and electric properties of the Ni 1−x Zn x Fe 1.5 Cr 0.5 O 4 ferrite has been investigated. The X-ray diffraction results confirmed the formation of a single phase with a spinel cubic structure for Ni 1−x Zn x Fe 1.5 Cr 0.5 O 4 samples. The magnetization was found to be influenced by the surface spin canting angles, the porosity percentage, and the cation distributions. The variation of dielectric constant with temperature indicated that the investigated materials can be recommended to be used as good insulating ceramic materials at room temperature and as a semiconductor at higher temperatures.