The effect of oxide additive system and $Po_2$ condition on the power loss, microstructure, initial permeability, ${mu}_i$ vs. temperature curve of Mn-Zn ferrites has been investigated. The density and permeability increased with various additive systems while the power loss decreased. It was confirmed that the oxide additives are grain boundary materials and do not change the magnetic properties of Mn-Zn ferrites such as $T_{spm}$ and $T_c$. The ${mu}_i$ vs. T curve indicated that $T_{spm}$ moved to the higher temperature as $Po_2$ increased. It was also confirmed that the microstructure of Mn-Zn ferrites was independent of the $Po_2$ control during cooling.