Nanopowder of Mn0.8Zn0.2Fe2O4 sample was prepared by employing combustion method. Nanocrystalline material obtained at the end of synthesis was subjected to characterization techniques like X-Ray diffraction and Fourier Transform Infrared spectroscopy for structural confirmation. Structural parameters like lattice constant, particle size, X-ray density and bulk density were determined from XRD data. Magnetic parameters like saturation magnetization (MS), remnant magnetization (MR) and Coercivity (HC) were obtained at various temperatures (100K, 150K, 200K, 250K and 300K) using Vibrating Sample Magnetometer to examine the magnetic behavior of the material at various temperatures. Investigations were carried out using Mossbauer spectroscopy at room temperature to divulge structural and magnetic information of the material. Well defined doublet along with magnetic sextets confirms the presence of superparamagnetic nanoparticles. Lower values of isomer shift and quadruple splitting suggest the presence of Fe in +3 oxidation state