Fine (approximately 18nm) particles of nickel ferrite were synthesized by the sol-gel technique, and their structural properties were evaluated by X-ray diffraction. Neoprene-based rubber ferrite composites were prepared by incorporating these nickel ferrite powders in the rubber matrix according to a specific recipe. The cure characteristics were analyzed, and the samples were molded into particular shapes whose properties were determined according to ASTM standards. Magnetization studies were carried out using a Vibrating Sample Magnetometer. This study indicates that neoprene rubber-based flexible magnets with desired magnetic properties and appropriate mechanical properties can be prepared by incorporating an adequate amount of nanoscale nickel ferrite particles within the rubber matrix.