Using low temperature solution combustion method, the magnesium-nickel doped cobalt nanoferrites of formula MgxNixCo1-2xFe2O4 (x values 0.0, 0.1, 0.2.) have been synthesized. The anticancer assessment was done on the nano ferrites using MTT assay on triple negative breast cancer MDAMB-231 cell line. The anti-inflammatory studies were to measure inhibition % of anti-inflammatory at different concentrations. The structural characterizations analyzed using XRD, FTIR, FE-SEM and TGA-DTA. The XRD results confirms that the samples have cubic spinel structures. The crystallite size is confirmed and it lies between 30nm-36nm. The FT-IR confirms the presence of a metal ion peak around 559 cm-1 to 587 cm-1. The formation of metal phase oxide in the TGA curve is the cause of the last stage of weight loss at temperatures between 600 and 8000C. The SEM gives the aggregated grain boundaries with irregular distribution of particles with grain size around 27.5nm. The optical spectral features confirmed as cut-off varied between 503nm-534nm; Indirect band gap varied between 1.94eV-1.73eV; direct band gap varied between 2.45-2.12eV. The application-oriented studies of the present investigation led to the bio-related applications in various fields.