The impact of neodymium substitution on structural, dielectric and magnetic properties of polycrystalline Ni0.5Zn0.5NdxFe2−xO4 (0.002 ≤ x ≤ 0.010) ferrites have been investigated. XRD results demonstrate that all the samples crystallize in single-phase cubic spinel structure except with x = 0.010. The substitution of neodymium monotonously expands the lattice parameter. The compositional variation of dielectric constant and dielectric loss tangent is abnormal, displaying a peak at x = 0.008. Typical soft ferromagnetic characteristics of M-H curves are observed at room temperature and the saturation magnetization decreases linearly with increasing Nd3+ content. The mechanism of doping induced modulation on structural, dielectric and magnetic properties is discussed.