This paper presents the results of an investigation on the magnetic and dielectric properties of Mg0.5Zn0.5Fe2O4 spinel ferrite with a 1% weight percentage of Li+ and K+ added cations. The addition of metal ions plays an important role in increasing the porosity and favors the formation of ferrite at low temperatures. The goal of this new research is to demonstrate that by selecting the type of metallic cations for addition or choosing an optimal sintering temperature, it may be possible to improve the magnetic and electrical properties of Mg-Zn ferrite. The samples were prepared using sol-gel self-combustion techniques and annealed at 1000°C, 1100°C, and 1200°C. Scanning electron microscopy revealed the shape and grain size of the samples, and the phase composition was analyzed using the X-Ray diffraction technique. The magnetic information, such as remanent magnetization MR, saturation magnetization MS, and coercivity HC, were extracted from the hysteresis loops of the samples. The electrical investigation was focused on the low- and high-frequency dependence of dielectric constant and dielectric losses. The results are discussed in terms of microstructural changes induced by the additions of Li+ and K+ metallic cations. Conclusions are drawn concerning the optimization of magnetic and electrical properties for the development of Mg-Zn ferrite with possible applications in the field of magnetic materials or electronics.