Rare earth dysprosium (Dy) doped nickel ferrite nanoparticles were synthesized via economically viable co-precipitation technique and studied for its elastic, structural, magnetic and electrical properties. X-ray diffraction analysis shows the formation of cubic spinel phase with a slight inclination in the cell parameters with respect to the concentration of dopant convivial. The crystallite size and strain of the nanoparticles were determined using Scherrer formula and the Williamson-Hall (W-H) technique. In addition, the theoretical parameters viz., cation distribution, bond length, oxygen positional parameters, etc., have been embrasured. The strength and types of interionic bonds in the nano ferrites were determined utilizing Fourier Transform Infrared spectral analysis. The magnetic properties were analysed using vibrating sample magnetometer at room temperature, it was found that as the dopant concentration increases, the coercivity and magnetic saturation decreases. This result is partially explained by the bridge networking of Dy3+-Fe3+ ions which is equated by Fe2+- Fe3+ ion interaction. This paper deals with the itinerant electron model to determine the distribution of cations by magnetization analysis. The optical properties of the samples were studied utilizing UV-Vis spectral analysis and the optical band gap was evaluated from Kubelka-Munk plot. Electrical impedance was analysed as a function of frequencies at room temperature. This analysis depicts the dielectric constant and loss factor tends to decline with applied frequency and AC conductivity elicits its semiconducting characteristic by obeying Jonscher's law.