Lithium ferrite and vanadium-doped lithium ferrite have been extensively studied in recent research because of their potential applications in thermochromic materials, optoelectronic devices, and as a cathode material for rechargeable lithium batteries. In the present investigation, lithium ferrite and lithium vanadium ferrite are synthesized by sol–gel process. According to the Scherrer formula, the average particle size of lithium ferrite is 22 nm and that of vanadium-doped lithium ferrite is 29 nm. The lattice parameters and dislocation density are calculated from the X-ray diffraction results. According to the Fourier transform infrared spectroscopy analysis, ferrites were formed that exhibit strong absorption bands. According to the energy-dispersive X-ray analysis spectrum, the predicted elements are present in the sample. With the use of a vibrating sample magnetometer (VSM), the materials’ magnetic behavior is investigated.