Magnetic Ni0.5Zn0.5Fe2O4 nanoparticles were prepared via the methanol combustion process, the morphology, chemical composition, microstructure and magnetic properties of them were investigated by SEM, EDX, TEM, XRD, VSM, and BET. The experimental data revealed that the solution concentration was a key factor to the Ni0.5Zn0.5Fe2O4 nanoparticles, with the solution concentration of ferric nitrate decreasing from 3.37 to 1.12 mol/L, the saturation magnetization decreased from 69.3 Am2/kg to 37.2 Am2/kg, and the average crystalline size of Ni0.5Zn0.5Fe2O4 nanoparticles decreased from 32 to 25 nm. While, with the solution concentration of ferric nitrate decreasing from 1.12 to 0.56 mol/L, the saturation magnetization increased from 37.2 Am2/kg to 104.6 Am2/kg, and the average crystalline size increased from 25 to 44 nm. The adsorption behavior of neutral red (NR) onto magnetic Ni0.5Zn0.5Fe2O4 nanoparticles was investigated by UV spectroscopy at room temperature; the adsorption kinetics data related to the adsorption of NR from aqueous solutions were in good agreement with the pseudo-second-order kinetic model in a range of initial concentration of 50-300 mg/L. By comparison of the Langmuir and Freundlich models for adsorption isotherm of NR, the Langmuir model (correlation coefficient R2 = 0.9918) could be used to evaluate the adsorption isotherm of NR onto magnetic Ni0.5Zn0.5Fe2O4 nanoparticles at room temperature, which suggested that the adsorption of NR onto magnetic Ni0.5Zn0.5Fe2O4 nanoparticles was monolayer, and the adsorption energy was constant.