Cobalt ferrite (CoFe2O4) thin films were epitaxially grown on (001) SrTiO3 and (001) MgO by laser molecular beam epitaxy. Microstructural studies indicate that the CoFe2O4 grown on (001) SrTiO3 with compressive strain are c-oriented island growth mode with rough surface morphology, whereas the films on (001) MgO with tensile strain become c oriented with layer-by-layer mode. Magnetic property studies reveal that the compressive strained CoFe2O4 films on (001) SrTiO3 can significantly enhance out-of-plane magnetization (190emu/cm3) with a large coercivity (3.8kOe). In contrast, the tensile strained CoFe2O4 films on (001) MgO exhibit weak magnetic anisotropy. These results suggest that strong magnetic anisotropy is highly dependent on the lattice mismatch induced strain.