LiXMg0.7-2XZn0.3 Fe2+XO4 ferrites were synthesized by the sucrose precursor method. The cosubstitution of lithium and iron ions caused a contraction in the lattice parameter obeying Vegard’s law. The variation in force constant with bond length showed an unexpected trend on both A and B sites of the lattice. Magnetic hysteresis studies revealed a decrease in the squareness of the loop with reduction in magnetization due to the increase in Mg2+ concentration. AC Susceptibility studies revealed the possibility of presence of single domain and superparamagnetic particles in the samples. The Curie tmperature Tc decreased with the increase in magnesium concentration.