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The present manuscript portrays environmental benign, cost‐effective and energy efficient green route way to synthesize Mg−Zn ferrite nanoparticles [Mg0.05Zn0.05Fe2O4 NPs] using Ocimum Basilicum leaf extract [OBLE]. X‐ray diffraction (XRD) analysis revealed that Ocimum Basilicum leaf extract mediated Mg−Zn ferrite nanoparticles [OBLE@Mg−Zn NPs] exhibit face centred cubic crystallinity with space group Fd3‾m ${{\rm F}{\rm d}\bar{3}{\rm m}}$ as confirmed by Rietveld refinement studies. Microstructural analysis illustrated uniform surface morphology with well interlinked grain with an average grain size of 35.6±0.12 nm. FTIR spectra showed existence of hydroxyl −OH group at 3403 cm−1 and C=C vibration at 2345 cm−1. Magnetic hysteresis loop (M−H loop) confirmed the superparamagnetic behaviour of OBLE@Mg−Zn NPs. Cytotoxic activity of OBLE@Mg−Zn NPs was carried out against breast cancer cell line MDA‐MB‐231. Dose dependent cell viability of cancerous cells depicted cytotoxic potential of OBLE@Mg−Zn NPs. [ABSTRACT FROM AUTHOR]