The ferrite-based Co0.5Mg0.5La0.1Fe1.9O4 nanoparticle system has been synthesized by using the chemical co-precipitation technique. XRD and SEM were used for the structural and morphological characterization of the nanoparticles. The XRD analysis of the synthesized samples confirmed the formation of the single-phase cubic spinel phase without any impurity or secondary phases, and the average crystallite size and lattice parameters were found as 11.89 nm and 8.376 nm, respectively. The cation distribution obtained is found as (Mg0.19Fe0.81)(A)(Mg0.31Fe1.09Co0.5La0.1)(B)O-4 from Rietveld refinement. The dielectric properties of the sample have been investigated in the frequency range of 20 Hz to 1 MHz. The DC and AC conductivity results obtained from the experiments are explained by the Verwey and correlated barrier hopping (CBH) models, respectively. The optical band gap energy of the sample is found as 0.24 eV. The results denoted the semiconductor nature of the sample, and the sample is a good candidate for applications in high-frequency transformers used for different purposes in the electronics industry.