Mg‐Zn ferrites are a class of soft magnetic materials that possess very good structural, electrical, and magnetic properties. Mg‐Zn ferrites are prepared by eco‐friendly co‐precipitation method at relatively low temperature. Formation of spinel cubic ferrite is confirmed by using x‐ray diffraction studies and lattice parameters of the samples ranging from 8.323–8.361A°. Detailed staple parameters like lattice constant, crystallite‐size, x‐ray density, bond length, inter‐ionic distance are determined employing XRD data. The W‐H plot and Size‐Strain plots are extensively studied and the results are compared. SEM analysis furnishes surface morphology and grain size (in the range 3.7–4.3 µm) of particles of Mg‐Zn samples. [ABSTRACT FROM AUTHOR]