Multicomponent equimolar oxides (MEOs) are gaining prominence over conventional oxides owing to their potential to achieve unprecedented combinations of properties. In this study, an 8-component equimolar oxide composition, (CoCrCuFeMgMnNiTiZn)₃O₄ was designed with the aim of obtaining a spinel solid solution. Solution combustion synthesis (SCS) was used for producing nanocrystalline powder. The structural analysis of the synthesised powder and consolidated samples characterised using X-ray diffractometer confirmed the formation of phase-pure spinel () material. For MEOs, it is imperative to identify the homogeneous distribution of the constituent elements. Elemental distribution at nanometre scale determined using scanning transmission microscopy (STEM) and atom probe tomography (APT) verified the homogeneity. The distribution of cations on the octahedral and tetrahedral sites in the spinel structure, along with overall stoichiometry and the defect structure were investigated using extended X-ray absorption fine-structures (EXAFS) and X-ray photoelectron spectroscopy (XPS). EXAFS measurements were carried out for various edges in transmission mode at energy-scanning beamline (BL-9) using the Indus – 2 Synchrotron sources (2.5 GeV, 200 mA) RRCAT, Indore, India. The nanocrystalline powders were sintered to obtain dense compacts. Functional properties of the phase-pure spinel sintered materials were investigated. The temperature-dependent dielectric properties of the spinel material were measured using broad band dielectric spectrometer in the ac field with a frequency ranging form 1 Hz to 10 MHz. The variation in dielectric constant, loss factor and dielectric loss tangent with respect to frequency were studied and compared with the standard spinel materials. The UV-vis spectrometer was used to study the light absorption properties of the material. The most intriguing finding is that the band gap of the assessed spinel material is much less than those of binary constituent oxide or even their spinel forms. Multicomponent equimolar oxides (MEOs) have received significant attention due to its novel properties nevertheless, most of the initial research was based on bulk ceramic processing and its properties, leaving thin film MEO’s relatively unexplored. The thin film of phase-pure spinel material was also deposited using pulsed laser deposition (PLD). Functional properties of thin film such as its electrical, optical and magnetic properties were investigated and compared to those of the bulk sintered material. These exploratory studies indicate that the new class of multicomponent high entropy spinel materials possess properties that could potentially find novel applications in cutting edge fields.