In the coaxial transmission line method, a factor that greatly influences the accuracy of the results is the air gaps between the material under test and the coaxial transmission line test fixture. In this paper, we discuss the influence of the air gaps and the measures that can be taken to minimize that influence when Mn-Zn ferrites are measured. We propose an improved simulation model of the coaxial transmission line test fixture holding the material under test in which the air gaps are filled with conductive materials. By combining the improved simulation model, the mode-matching method, and the Newton-Raphson method, the Mn-Zn ferrites' intrinsic complex permeability and permittivity can be determined accurately, even if the conductor-filled gaps are quite wide. We also examine the influence of the finite conductivity of the coaxial transmission line test fixture. We manufactured a coaxial transmission line test fixture to measure the intrinsic complex permeability and permittivity of Mn-Zn ferrites in the frequency range from 10 to 200 MHz. The intrinsic values thus determined have been experimentally verified. We describe the structure of the test fixture, its calibration issues, and the experimental results.