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Stoichiometric compositions of ferrites with the chemical formula Li_0.5−0.5xCo_xFe_2.4−0.5xDy_0.1O₄ with x=0, 0.25, 0.5, 0.75, 1.0 were prepared by the standard double sintering ceramic method. X-ray diffraction analysis confirmed the cubic spinel structure of the prepared samples. The structural, morphological and magnetic properties were studied by X-ray diffraction, infra-red spectroscopy (IR), scanning electron microscopy (SEM), vibrating sample magnetometry (VSM) and ac susceptibility measurements. Lattice constant, grain size and density increase whereas porosity decreases with the increase in Co²⁺ substitution. IR measurements show the characteristic ferrite bands. Spectral absorption bands were observed in IR spectroscopic analysis at ν₁=564−601cm⁻¹, ν₂=486−519cm⁻¹ and ν₃=551−578cm⁻¹. The cation distribution estimated by the X-ray diffraction is supported by magnetization and susceptibility …