Ni-Zn ferrite is required to have predominant and stable characteristics in the range of high frequency for the power line communication, so that microstructures and magnetic properties such as power loss and initial permeability in $Ni_{0.8}Zn_{0.2}Fe_2O_4$ were investigated in terms of variable $Bi_2O_3,CaO$ and $V_2O_5$ contents. $Bi_2O_3$ and $V_2O_5$ liquid phase created during sintering process promoted sintering and grain growth but much of the closed pore existed in the grains. The grain size of the specimens with $V_2O_5$ of over 0.5 wt% decreased as the result of "pinning effect"and the resonance frequency increased with CaO of 0.3we%. The high initial permeability of 81.52%, resonance frequency of 17.05 MHz and low power loss of 17,858 kW/$ extrm{m}^3$ were obtained from the samples with $Bi_2O_3$ of 0.5, CaO of 0.3, and $V_2O_5$ of 0.7 wt%.