The effect of non-stoichimetry and sintering temperature on the magnetic properties of materials in the system $Ni_{0.39}Zn_{0.61}Fe_{2.0+x}O_4$ have been investigated. The value of x used in initial weighing of oxides were varied from -0.04 to -0.12. The value of x, however, appears to be from +0.04 to -0.04 after ferrite powder preparation due to iron pick up during ball mill mixing and grinding. The densities of specimens which were deficientinrion were higher than those with excess ion. Specimens with near stoichiometric composition showed maximum initial permeability an dminimum coercivity whereas high values of quality factor (Q) were observed in iron deficient specimens. The quality factor decreased monotonically with increasing sintering temperature, but the permeability showed maxima with increasing sintering temperature. Thus highest value of figure of merit $mu$Q was obtained in composition $Ni_{0.39}Zn_{0.61}Fe_{1.98O4}$ sintered at 100$0^{circ}C$ for 3 hrs. in an air atmosphere.