Pirochromite (MgCr2O4) nanoparticles were successfully prepared in this study. During synthesis of the pirochromite nanoparticles, a sol-gel was prepared by using magnesium acetate and potassium dichromate as magnesium and chromium sources and by using stearic acid as the network. Infrared spectroscopy (FT-IR), X-ray diffraction (XRD), transmission electron microscope (TEM), scanning electron microscope (SEM), and energy-dispersive X-ray spectroscopy (EDX) were used for the elemental analysis, and diffuse reflectance spectroscopy (DRS) and vibrating sample magnetometer (VSM) were used in order to identify, provide a fuzzy diagnosis, and determine the size and morphology of the particles, as well as to analyze the optical and magnetic properties of the particles. The particle size of MgCr2O4 nanoparticles was observed to fall within a range of 39 nm–71 nm.