The present work intends to study the properties of magnesia based refractory aggregates developed from Indian magnesite by changing lime/silica ratio. The material has been sintered in the temperature range of 1550C - 1700C. The sintered samples are characterized in terms of bulk density, apparent porosity, true density, percentage densification, mechanical, thermo-mechanical properties like cold modulus of rupture, hot modulus of rupture and thermal shock resistance and structural properties by XRD. The developed microstructures at different temperatures are studied through FESEM study and compositional analysis of the developed phases is done by EDX study.