Various nickel and magnesium dual-doped LiNixMg0.08Mn1.92−xO4 (x ≤ 0.15) were synthesized via a modified solid-state combustion method. All as-prepared samples show typical spinel phase with a well-defined polyhedron morphology. The Ni-Mg dual-doping obviously decreases the lattice parameter that gives rise to the lattice contraction. Owing to the synergistic merits of metal ions co-doping, the optimized LiNi0.03Mg0.08Mn1.89O4 delivers high initial capacity of 115.9 and 92.9 mAh·g−1, whilst retains 77.1 and 69.7 mAh·g−1 after 1000 cycles at 1 C and high current rate of 20 C, respectively. Even at 10 C and 55 °C, the LiNi0.03Mg0.08Mn1.89O4 also has a discharge capacity of 92.2 mAh·g−1 and endures 500 cycles long-term life. Such excellent results are contributed to the fast Li+ diffusion and robust structure stability. The anatomical analysis of the 1000 long-cycled LiNi0.03Mg0.08Mn1.89O4 electrode further demonstrates the stable spinel structure via the mitigation of Jahn-Teller effect. Hence, the Ni-Mg co-doping can be a potential strategy to improve the high-rate capability and long cycle properties of cathode materials.