Recently, the intrinsic enzyme-like activities of some nanoscale materials known as "nanozymes" have become a growing area of interest. Nanosized spinel substituted ferrites (SFs) with general formula of MFe2O4, where M represents a transition metal, are among a group of magnetic nanomaterials attracting researchers' enormous attention because of their excellent catalytic performance, biomedical applications and capability for environmental remediation. Due to their unique nanoscale physical-chemical properties, they have been used to mimic the catalytic activity of natural enzymes such as peroxidases, oxidases and catalases. In addition, various nanocomposite materials based on SFs have been introduced as novel artificial enzymes. This review mainly highlights the synthetic approaches for newly developed SF-nanozymes and also the structural/experimental factors that are effective on the kinetics and catalytic mechanisms of enzyme-like reactions. SF-nanozymes have been found potentially capable of being applied in various fields such as enzyme-free immunoassays and biosensors for colorimetric detection of biological molecules. Therefore, the application of SF nanoparticles, as efficient enzyme mimetics have been detailed discussed.