We report synthesis of Li0.5-0.5xMgxFe2.5-0.5xO4 (x = 0.0, 0.1, 0.4, 0.6, 0.8, 1.0) ferrite, utilizing honey green synthesis via sol gel auto combustion method (without any post-preparation thermal treatment). X-ray diffraction (XRD), vibrating sample magnetometer (VSM) were used to monitor structural, magnetic properties. XRD validates the formation of nanocrystalline spinel phase with Scherrer's grain diameter varies between 21.5 - 27.9 nm. Results reveal that Mg2+ addition: i) changes experimental lattice parameter (a(exp)), showing incorporation of Mg2+ ion in the spinel lattice, ii) changes the cation distribution showing presence of that both Li1+, Mg2+ ions on A, B site, iii) modifies inversion parameter (delta) shows transition from inverse to mixed spinel structure, leads to reduction of saturation magnetization (M-s (exp)), iv) alters M-s, understood in terms of cationic redistribution at A, B-sites, v) alters coercivity (H-c), range between 101.4 - 889.9 Oe, vi) shows similar trend of both experimental 'M-s (exp)', theoretical 'M-s ((t))'saturation magnetization, reveal that magnetization behavior of the studied samples is governed by Neel model.