This paper summarizes the first results on $B^0$ lifetime and mixing from early phase 3 Belle II data corresponding to an integrated luminosity of $\int{\textit{L}} = 2.7 fb^{-1}$. It presents two analysis that demonstrate vertexing and tagging capabilities. The first analysis uses partially reconstructed $B^{0} \rightarrow D^{*+}l \nu $ decays combined with an additional high momentum lepton in the rest of the event. The latter one uses fully reconstructed hadronic decay final states $ B^{0} \rightarrow D^{(*)\mp }X^{\pm}$