Mn0.55Cu0.45Fe2O4 nanoparticles were synthesized by wet chemical co-precipitation method. The obtained samples were annealed at different temperatures (500C to 1250C). All annealed samples were characterized for their structural, magnetic, linear and non-linear optical properties. XRD results confirm single phase cubic spinel structure only for samples annealed at 800C and 1250C. The average crystallite sizes of the samples are in the range of 11-37 nm. HR-SEM image of the sample annealed at 800 exposed spherical morphology. The quantitative analysis of EDX results is close to the expected values. Bandgaps were evaluated from UV-DRS. The FTIR spectrum showing the essential peaks around 452.1 and 567.2 cm-1 prove the formation of spinel nanoparticles. In PL spectrum, a broad emission peak is attained in visible region at 485 nm. The saturation magnetization (M s), coercivity (H c) and remanence magnetization (M r) are obtained from the hysteresis curve. Nonlinear absorption coefficients (10-4 cm W-1), nonlinear indices of refraction (10-8 cm2 W-1) and the third order nonlinear susceptibilities (10-6 esu) are determined using Z-scan experiment. CW laser beam is utilized to study the optical limiting characteristics and the results prove these materials to be a potential candidate for device applications like optical switches and power limiters. © 2017 IOP Publishing Ltd.