A systematic variation in initial permeability with oxygen partial pressure during post sintering cooling was observed in Mn0.47Zn0.47Fe2.06O4 polycrystalline samples. The initial permeability increased from 6300 to 8600 when the atmospheric parameter decreased from 8.4 to 6.4. Here atmospheric parameter is the degree of oxygen partial pressure engaged in the cooling stage of the sample preparation. The origins of this systematic variation were investigated by measuring the saturation magnetization under high fields (10 kOe) and by observing microstructure changes as well as the magnetic properties under small applied fields (0.15 mOe). It was found that saturation magnetization of samples under high fields was almost unchanged in the range of oxygen partial pressures through which Fe2+ concentration varied by up to 0.5%. The systematic changes in saturated magnetization and saturation time under small applied fields suggest that the permeability is strongly dependent on domain mobility. This increase in domain mobility was attributed to increased grain growth with decreasing oxygen partial pressure.