Ferrites synthesis method and characterization techniques are attracting huge attentions of researchers because of their wide scope of uses in numerous areas. The ferrites include high resistivity, saturation magnetization, permeability, coercivity and low power losses. The above-mentioned useful ferrites characteristics make them appropriate for use in different applications. These ferrites are used in biomedical field for cancer cure and MRI. Electronic applications are transformers, transducers, and inductors which are also made using ferrites and also used in making magnetic fluids, sensors, and biosensors. Ferrite is a profoundly helpful material for many electrical and electronic applications. It has applications in pretty much every domestic device like LED bulb, mobile charger, TV, microwave, fridge, PC, printer, etc. This review mainly focus on the synthesis method, characterization techniques, and implementation of FNPs. This Chapter presents various methods used for ferrites preparation with distinctive examples, their advantages as well as limitations in detail. Ferrites properties like structural, optical, electrical and magnetic with their characterization techniques and various applications in the areas of biomedical, electronics, and environment are also discussed.