Poly(2,6-dimethyl-1,4-phenylene oxide) (PPO) and magnetic neodymium powder particles MQP-14-12 have been used for the preparation of magnetic mixed matrix membranes. Permeability diffusion and sorption coefficients of O-2, N-2, and synthetic air components were estimated for homogeneous and heterogeneous membranes using the Time Lag method based on dynamic experiments in a constant pressure system. The influence of magnetic field and magnetic powder particles on the gas transport properties of MMMs was studied. The results showed that the membrane permeation properties were improved with the magnetic neodymium particle filling. It was observed that the magnetic ethylcellulose and poly(2,6-dimethyl-1,4-phenylene oxide) membranes showed higher gas permeability, while their permselectivity and solubility were rather maintained or slightly increased. The results also showed that the magnetic powder addition enhanced gas diffusivity significantly in EC and PPO membranes.