Effects of microstructure of two Mg-ferrite specimens with the same starting composition and relative density but with different grain size on B-H hysteresis loop, natural resonance frequency, and ferromagnetic resonance line width are reported. Such properties as B-H hysteresis loop, saturation magnetization, natural resonance frequency, and ferromagnetic resonance line width were influenced by the microstructure development during sintering. Large grain size specimen showed high saturation magnetization, low coercive force, low natural resonance frequency, and low ferromagnetic resonance line width compared with the specimen of small grain size. The main reason for the changes in properties can be explained by the variation in anisotropic characteristics due to Fe+2 content generated during sintering process.