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Low-temperature-fired (Ni0.4-xMgxCu0.2Zn0.4)Fe1.96O4 ferrites with x=0, 0.1, 0.2, 0.3, and 0.4, have been synthesized by the conventional mixed oxide method and investigated their electromagnetic properties. Initial permeability is observed to increase with increase in Mg substitutions. At the same time, sintering density, magnetic flux density, remanence, coercivity, and Snoek's product decrease with increase in Mg substitutions. Furthermore, microstructures and permittivity spectra have no obvious changes with Mg substitutions. Possible mechanisms contributing to the above results are discussed.