Magnetite (Fe3O4) nanoparticles have been synthesized using the chemical coprecipitation method. The Fe3O4 nanoparticles were likely formed via dissolution-recrystallization process. During the precipitation process, ferrihydrite and Fe(OH)2 particles formed aggregates and followed by the formation of spherical Fe3O4 particles. The synthesized Fe3O4 nanoparticles exhibited superparamagnetic behavior and in single crystal form. The synthesis temperature and the degree of agitation during the precipitation were found to be decisive in controlling the crystallite and particle size of the produced Fe3O4 nanoparticles. Lower temperature and higher degree of agitation were the favorable conditions for producing smaller particle. The magnetic properties (saturation magnetization and coercivity) of the Fe3O4 nanoparticles increased with the particle size.