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Investigating novel compounds has become necessary due to the need for sophisticated materials in optoelectronic devices and spintronics. Because of their unique properties, magnesium-based spinels MgSm2X4 (X = S and Se) are very promising for these applications. We used the spin-polarized PBEsol for structural properties and the PBEsol functional for mechanical behavior, both using the WIEN2k code. Both compounds' stability in the magnetic and non-magnetic phases was validated by the Birch-Murnaghan equation of state, and their stability in the cubic phase was verified by the Born stability criterion. Their ductile character was shown by the computation of Pugh's ratio and Poisson ratio. Both MgSm2S4 and MgSm2Se4 display metallic behavior in the spin-up channel and semiconducting behavior in the spin-down channel, indicating a half-metallic nature, according to TB-mBJ potential calculations. With total magnetic moments of 20 μB, both materials showed ferromagnetic properties. Samarium ions contributed 5.27 μB for MgSm2S4 and 5.34 μB for MgSm2Se4. Furthermore, we computed optical parameters in the energy range of 0 to 15 eV, such as absorption, extinction coefficient, reflectivity, dielectric function, and refractive index. Our results demonstrate the potential of MgSm2X4 spinels for future technological developments by revealing their prospective optoelectronic and spintronic applications.