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Herein, we design a cathode material based on layered Na2/3(Mn1/2Fe1/2)O2 for practical application by combining the Co substitution and MgO treatment strategies. The oxides are prepared via solid-state reactions at 900 °C. The structure, morphology, and oxidation state of transition metal ions for Co-substituted and MgO-treated oxides are carefully examined via X-ray diffraction, IR and Raman spectroscopies, FESEM with EDX, specific surface area measurement, and XPS spectroscopy. The ability of oxides to store sodium reversibly is analyzed within a temperature range of 10 to 50 °C via CV experiments, galvanostatic measurements, and EIS, using half and full sodium ion cells. The changes in the local structure and oxidation state of transition metal ions during Na+ intercalation are monitored via operando XAS experiments. It is found that the Co substituents have a positive impact on the rate capability of layered oxides, while Mg additives lead to a strong increase in the capacity and an enhancement of the cycling stability. Thus, the highest capacity is obtained for 2 at.%-MgO-treated Na2/3(Mn1/2Fe1/2)0.9Co0.1O2 (175 mAh/g, with a capacity fade of 28% after 100 cycles). In comparison with Co substituents, the Mg treatment has a crucial role in the improvement of the lattice stability during the cycling process. The best electrode materials, with a chemical formula of 2 at.%-MgO treated Na2/3(Mn1/2Fe1/2)0.9Co0.1O2, were also used for the full cells design, with hard carbon as an anode. In the voltage window of 2–4 V, the capacity of the cells was obtained as 78 mAh/g and 51 mAh/g for applied current densities of 12 mA/g and 60 mA/g, respectively. [ABSTRACT FROM AUTHOR]