The magnetic materials occupied great place in the development of modern data storage system. The present study stated the synthesis of soft magnetic Mg-Co ferrite particles in co-precipitation method. The synthesized ferrite was characterized with X-ray diffraction (XRD), Fourier Transform Infrared (FT-IR) spectroscopy, SEM, and Vibrating Sample Magnetometry (VSM) analysis. The XRD and FTIR analysis revealed the formation of single phase spinel ferrites. The grain size of synthesized particle was in nano meter range with saturation magnetization of 21.129 emu/g at 12kOe. The dielectric analysis was carried out in different temperatures and found that the dielectric constant was increased with temperature.