One of acknowledged methods remarkably improving structural, magnetic and electrical properties of spinel ferrite systems is the substitution of iron ions by some trivalent ions. In the family of spinel ferrites, thanks to its high saturation magnetization and electrical resistivity as well as low losses, the nickel-zinc ferrite is a very important magnetic material used in many applications in electrical engineering and electronics. The properties of these materials are in general dependent upon chemical composition, method of preparation, stoichiometry, sintering time, temperature as well as the atmosphere, etc. In this study the influence of appropriately selected ions (M = In3+, Nd3+, Dy3+ and Er3+), partly replacing Fe3+, on the microstructure and magnetic properties of spinel ferrite with the composition Ni0.42Zn0.58M0.02Fe1.98O4 fabricated by means of standard ceramic technology was investigated.