In this paper we review the magnetic properties of spinel ferrite nanoparticles pointing out the primary role of the crystalline structure besides finite size and surface/interface effects. The details of the spinel crystal structure of bulk spinel ferrite materials and their influence on both the magnetization and magnetocrystalline anisotropy are recalled. Moreover, we review some results published in the literature over the last years about how the structure of magnetic nanoparticles influences their magnetic features. Perspectives about the challenges to improve the applications in several fields are finally reported.