The discovery of novel materials, processes, and phenomena at the nanoscale and the development of new experimental and theoretical techniques for research provide fresh opportunities for the development of innovative nanosystems and nanostructured materials. Nanomaterials with tailored unique properties have limitless possibilities in materials science. The most widely used synthesis routes for iron oxide nanoparticles are based on precipitation from solution. Most of the nanoparticles available to date have been prepared using chemical route. Physical processes have also been recently developed to produce high quality monodisperse and monocrystalline iron oxide nanoparticles. Magnetite has recently attracted attention because bulk Fe3O4has a high Curie temperature of 850 K and nearly full spin polarization at room temperature, and due to its wide range of applications in almost all branches of science and technology. Clearly, nanoscale magnetite offers potential for creation of novel technology in multiple fields of study. Opportunities for magnetite nanoparticles to be effectively incorporated into environmental contaminant removal and cell separation magnetically guided drug delivery, imaging of tissue and organs, magnetocytolysis, sealing agents (liquid O-rings), dampening and cooling mechanisms in loudspeakers, high gradient magnetic separation (HGMS) techniques and contrasting agents for magnetic resonance imaging (MRI). Advancement of synthesis and stabilization procedures towards production of uniformly sized, dispersed (potentially embedded) magnetite nanoparticles has clearly inspired creative imagination and application in various fields.