In the last decade, research on the synthesis and characterization of nanosized ferrites has highly increased and a wide range of new applications for these materials have been identified. The ability to tailor the structure, chemical, optical, magnetic, and electrical properties of ferrites by selecting the synthesis parameters further enhanced their widespread use. The paper reviews the synthesis methods and applications of MFeO (M = Co, Cu, Mn, Ni, Zn) nanoparticles, with emphasis on the advantages and disadvantages of each synthesis route and main applications. Along with the conventional methods like sol-gel, thermal decomposition, combustion, co-precipitation, hydrothermal, and solid-state synthesis, several unconventional methods, like sonochemical, microwave assisted combustion, spray pyrolysis, spray drying, laser pyrolysis, microemulsion, reverse micelle, and biosynthesis, are also presented. MFeO (M = Co, Cu, Mn, Ni, Zn) nanosized ferrites present good magnetic (high coercivity, high anisotropy, high Curie temperature, moderate saturation magnetization), electrical (high electrical resistance, low eddy current losses), mechanical (significant mechanical hardness), and chemical (chemical stability, rich redox chemistry) properties that make them suitable for potential applications in the field of magnetic and dielectric materials, photoluminescence, catalysis, photocatalysis, water decontamination, pigments, corrosion protection, sensors, antimicrobial agents, and biomedicine.