The naturally occurring ferrite is the Ferrous Ferrite (Fe3O4) as “load stone”. In early days it was considered as ferromagnetic materials. But later on it was realized that, the material consists uncompensated anti parallel spin arrangement and hence named as “ferri-magnetic” materials, after L. Neel Ferri-magnetic materials, ferrites, form a new class of magnetic materials, having interesting intrinsic properties. Ferrites are found to be technologically and commercially useful magnetic material. Due to highly electrical resistive, low magnetic behavior as well as negative temperature coefficient of resistance along with low magnetic loss ferrites can be used at high frequencies. Basically it is ferrous ferrite (Fe3O4), having double oxides FeO and Fe2O3. The properties can be alter by substituting divalent iron ion by divalent cations like Cd2+, Mg2+,Ni2+, Zn2+, Cu2+, Co2+ etc. from transition elements. Properties of Ferrites can be significantly modified, by substituting trivalent iron ion by another cation like Al3+, Cr3+, Mn4+, Ti4+, Sn4+, Gd3+, Nd3+ etc. They find applications in the fields like telecommunications, electronic industries, data storage and processing.