A magnetic ferrite composition including at least one of Mg, Ni, Cu, Zn, Mn, and Li and having a content of carbon within a predetermined range, for example, over 9.7 weight ppm to less than 96 weight ppm. The composition may be used as the magnetic core for an inductor, transformer, coil, etc. used for radios, televisions, communication devices, office automation equipment, switching power sources, and other electronic apparatuses or magnetic heads for video apparatuses or magnetic disk drives or other electronic components.