Prof. Richard Feynman, physics Nobel Laureate in 1959, stated that there is "Plenty of room at the bottom", and this initiated to explore the nanotechnology field. The development of nanotechnology and nanoscience has made a tremendous study of nanoscale ferrite materials (with size 1-100 nm) that are become interest in both the fundamentals and their applications. Nano size materials have special characteristic features like high electrical resistivity, high temperature stability, low permeability, small dielectric loss, low eddy current loss and unique magnetic structure. Hence, these materials are useful in several applications such as to generate ultrasonic waves, to manufacture microwave devices, to produce transformer cores, to prepare high frequency transformer cores, to made permanent magnets and in the preparation of non-volatile memories which are used in computer memory systems etc. For past 5-6 decades the research has increased on nano size materials, so the author proposed to develop simple method for the preparation of nanomaterial and study the magnetic and electrical transport properties of nano size materials.