The influence of excess iron content (x) and reaction atmosphere on permittivity, permeability and microwave absorbing properties has been investigated in composite specimens embeded with (Ni0.4Zn0.6O)1-x(Fe2O3)1+x powders. A nitrogen atmosphere used for the reaction of the ferrite with excess iron composition (x>0) enhances spinel formation, and thereby increases both the magnetic and the dielectric loss of the ferrite composite. We also investigated the relation between the electromagnetic constants and the absorbing properites using impedance-matching solution maps for zero reflection. It is suggested that a superior microwave absorber can be fabricated through atmosphere and excess iron control during the powder process.