Superparamagnetic iron oxide nanoparticles (SPIONs), γ-Fe2O3, with hydrophilic surfaces are fabricated in ethylene glycol solutions, without surfactant or additive, by solvothermal process from α-Fe2O3 nanoparticle as precursors. With the addition of a trace of hydrazine hydrate, the cubic phase Fe3O4 nanoparticles are obtained instead of γ-Fe2O3. The saturation magnetization value of γ-Fe2O3 nanoparticles is up to 74.3 emu/g. This study provides a low cost, safe, and universal route to serve as excellent biocompatibility magnetic core for future applications in biomedical, agriculture, and horticulture applications.