Nanocrystalline magnetic particles of Ni_0.8−xZn_0.2Mg_xFe₂O₄ ferrites with x lying between 0.0 and 0.8 were synthesized using metal nitrates and freshly extracted egg-white. The synthesized powders were characterized using X-ray diffraction (XRD), Fourier transform infrared (FT-IR) and transmission electron microscopy (TEM). With increasing magnesium concentration, the lattice constant increases while X-ray density decreases. The average crystallite size determined from XRD data using Scherrer formula lie in the range of 35–59nm. TEM image shows spherically agglomerated particles with average crystallite size agreed well with that obtained from XRD. Magnetic properties measured at room temperature by vibrating sample magnetometer (VSM) reveal a decrease in saturation magnetization up to Mg content of 0.6. In agreement with FT-IR results, the unexpected increase in the magnetization at Mg content of 0.8 can be attributed to the tendency of Mg²⁺ ions to occupy the tetrahedral site. The decrease in the value of coercivity with increasing magnesium content can be explained based on the magneto-crystalline anisotropy.