The ferrites are the magnetic materials exhibiting properties which are commercially used for magnetic storage, microwave absorption and permanent magnets. The different types of ferrites include spinel type, garnet type and hexagonal ferrites. Ferrites have electrical and magnetic unique characteristics which are useful for wide range of applications. In this review we will explore the types, properties and the structure of various ferrites. The crystallography, electrical and magnetic properties of ferrites depend upon the chemical composition as well as on the various heat treatments during the course of preparation. These properties are also influenced obviously by their method of preparation. Ferrites have importance in engineering and technology because they possess spontaneous magnetic moment below the Curie temperature just as iron, cobalt, nickel. The various applications of ferrites are briefly summarized.