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In the present paper, nickel cobalt ferrite (Co0.5Zn0.5Fe2O4) nanoparticles were synthesized using a template-assisted hydrothermal method. Carboxymethyl cellulose was used as the templating agent for controlling the morphology of the Co0.5Zn0.5Fe2O4 nanoparticles. The synthesized nanoparticles were characterized using X-ray diffraction, scanning electron microscopy, and a vibrating sample magnetometer. The results indicated that the morphology of the nanoparticles changed from granular and superparamagnetic to platelike and ferromagnetic with the addition of the template. The Co0.5Zn0.5Fe2O4 nanoparticles synthesized without the template exhibited a saturation magnetization and coercivity 2.81 T and 0.2 kA⋅m−1, while when the template was used, the saturation magnetization and coercivity increased to 3.13 T and 76.6 kA⋅m−1 as the template proportion increased to 0.3.