The structure, shape, size, and magnetic properties of Ni$_{0.5}$Cu$_{0.1}$Zn$_{0.4}$Fe$_2$O$_4$ have been investigated as a function of annealing temperatures. In order to control the microwave absorbing properties of ferrite-rubber composite and the complex losses (magnetic loss and conduction loss), the effect of carbon addition was also studied. It was found that the coercive force decreased with increasing heat-treatment temperatures. Relative complex permeability and reflection loss were measured by the network analyzer. As a result, the natural resonance occurred in the low frequency tinge, and the matching frequency of the ferrite-rubber composite prepared at 130$0^{circ}C$ was found to be lower. As heat-treatment temperatures were increased, the magnetic loss ($mu$$_{r}$", $mu$$_{r}$′) and the dielectric loss ($varepsilon$$_{r}$"/$varepsilon$$_{r}$′) were increased. It was caused that the absorption characteristics of the absorber were improved. The conduction loss and magnetic loss were expected to be occurred together because two matching frequencies were shown with carbon addition. It was confirmed that the matching frequency of the microwave absorber could be controlled by controlling heat-treatment temperatures and carbon additions.ons.tions.