Zinc ferrite ZnFe2O4 both in the micro and nano scale is widely used in various fields. The article discusses the structure of this compound and its properties in the nanoscale, which is clearly different from those which the ferrite shows in the microscale. The properties of dust generated electric arc furnace, which can contain up to 40% zinc, substantially in the form of ZnFe2O4 are disscused here. Specific properties (electric, magnetic, thermal) of zinc ferrite nanoparticles determine the very wide possibilities of their use, inter alia as catalysts, absorbents, gas sensors, and a tool to combat cancer.