Nanocrystalline powder of MgFe 2 O 4 was successfully synthesized by a cost effective novel combustion route. Nitrates of the constituent elements and glycine were respectively used as an oxidizer and fuel to drive the reaction. The effect of glycine to nitrate molar ratio (GN −1 ) on the structure and formation of MgFe 2 O 4 was studied in view of thermodynamic considerations like adiabatic flame temperature and gas evolved during the combustion. The as prepared powder was characterized by X-Ray Diffraction (XRD), Fourier Transform Infra Red (FTIR) spectroscopy and Scanning Electron Microscopy (SEM) for formation and microstructure analysis at various GN −1 ratios. XRD results revealed that the crystallinity of MgFe 2 O 4 is insensitive to GN −1 variations and fuel lean combustion also lead to appropriate MgFe 2 O 4 phase formation. Thermo Gravimetric-Differential Thermal Analysis (TG-DTA) for the precursor gel demonstrated the occurrence of rapid chemical reaction between glycine and nitrates at around 194°C corresponding to ignition of precursors at this temperature. Transmission electron microscopy image for as prepared stoichiometric sample shows formation of nanoparticles of sizes from 28nm to 50nm. SEM images of MgFe 2 O 4 nanoparticles at GN −1 ratio show remarkable change in microstructure regarding porosity and grain size. Room temperature magnetic measurements for stoichiometric sample show the magnetization (M s ) and remanence (M r ) of about 31.56emug −1 and 9.60emug −1 at ±10kOe respectively.