Ferrimagnetic bioactive glass ceramics are expected to be potential candidates for the hyperthermia treatment of cancer. When placed in a high frequency magnetic field, these materials generate heat energy by hysteresis and eddy current losses. Unlike the conventional radiotherapy where it is very difficult to treat the deep seated tumors without harming the healthy cells, magnetic hyperthermia may be quite efficient in treating the deep seated tumors locally. Tumor cells usually perish around 43 °C whereas healthy body cells remain unaffected at this temperature. Magnetic parameters of the implant material and the applied field are tailored in such a way as to give the required optimum heat energy. Such materials should have the adequate ability to bond with the tissues (bio-activity). Much work has been done on Fe3O4 containing glass ceramics for this purpose but this work is the first ever detailed study of its kind on ZnFe2O4 containing biomaterials. Bioglass ceramic materials containing zinc ferrite nanoparticles may not only be useful for the hyperthermia therapy but also effective in re-enforcing the damaged bone by forming hydroxyapatite on material-solution interface.