Co0.5Zn0.5Fe2O4 nanoparticles (NPs) were prepared by using a high-temperature thermal decomposition method. The crystal structure was found to be cubic spinel with space group Fd − 3m and the lattice constant (a0) to be 8.40 Å by using a Rietveld refinement analysis. Based on the Scherrer equation, we obtained the average size of NPs a 9.4 nm. The magnetic properties were characterized using a vibrating sample magnetometer (VSM) as well as external magnetic field Mössbauer spectroscope taken at 4.2 K. The saturation magnetization (Ms) and coercivity (Hc) of the NPs were 78.7 emu/g and 21.0 Oe, respectively. The thermal properties of the NPs were measured by using a magneTherm device within the physiologically safe ranges of the frequency and the amplitude. The self-heating temperatures of the NPs were found to be 104 and 119 °C at 50 and 112 kHz, respectively, under on applied field of 25 mT.