The structural, elastic, optical and magnetic characteristics of Li0.4Zn0.2CrxFe2.4-xO4 (0.0 ≤ x ≤ 0.5; step 0.1) produced using a citrate precursor were studied. X-ray powder diffraction data indicate that all of the generated samples are single-phase spinel structures with no additional phases. The lattice parameter reduces from 8.355 Å to 8.333 Å when the chromium content rises. The crystallite sizes of the compositions were assessed by Scherrer’s and Williamson-Hall (W–H) approaches. Infrared (IR) spectroscopy revealed two significant absorption bands generated by vibrations at the tetrahedral and octahedral sites. The elastic moduli (bulk modulus ‘B’, rigidity modulus ‘G’ and Young’s modulus ‘E’) as well as the Debye temperature (θD) assessed by IR spectroscopy rise as the Cr3+ ions concentration increases. Chromium addition inhibits grain growth and enhances the mechanical strength of Li–Zn nanoferrites. Diffuse reflectance spectra (DRS) were utilized to evaluate the optical band gap (Eg) of Li–Zn–Cr nanoferrite, which was found to drop from 1.96 to 1.84 eV. The vibrating sample magnetometer (VSM) was used to perform the magnetic analysis, and various magnetic parameters were derived using the M −H curves results. Acceptable values of saturation magnetization (78.6–44.05 emu/g) and coercivity (30.87–44.65 G) were found in this system, making these nanoferrites ideal for high-density recording medium and electromagnets applications.