In this dissertation the electronic and high-energy optical properties of thin nanoscale films of the magnetic topological insulator (MTI) (V,Cr)y(BixSb1-x)2-yTe3 are studied by means of X-ray photoelectron spectroscopy (XPS) and electron energy-loss spectroscopy (EELS). Magnetic topological insulators are presently of broad interest as the combination of ferromagnetism and spin-orbit coupling in these materials leads to a new topological phase, the quantum anomalous Hall state (QAHS), with dissipation less conduction channels. Determining and controlling the physical properties of these complex materials is therefore desirable for a fundamental understanding of the QAHS and for their possible application in spintronics. EELS can directly probe the electron energy-loss function of a material from which one can obtain the complex dynamic dielectric function by means of the Kramers-Kronig transformation and the Drude-Lindhard model of plasmon oscillations. The XPS core-level spectra in (V,Cr)y(BixSb1-x)2-yTe3 are analyzed in detail with regards to inelastic background contributions. It is shown that the spectra can be accurately described based on the electron energy-loss function obtained from an independent EELS measurement. This allows for a comprehensive and quantitative analysis of the XPS data, which will facilitate future core-level spectroscopy studies in this class of topological materials. From the EELS data, furthermore, the bulk and surface optical properties were estimated, and compared to ab initio calculations based on density functional theory (DFT) performed in the GW approximation for Sb2Te3. The experimental results show a good agreement with the calculated complex dielectric function and the calculated energy-loss function. The positions of the main plasmon modes reported here are expected to be generally similar in other materials in this class of nanoscale TI films. Hence, the present work introduces EELS as a powerful method to access the high-energy optical properties of TI thin films. Based on the presented results it will be interesting to explore more systematically the effects of stoichiometry, magnetic doping, film thickness and surface morphology on the electron-loss function, potentially leading to a better understanding of the complex interplay of structural, electronic, magnetic and optical properties in MTI nanostructures.