We report a simple phase transfer based synthesis route for two novel anisotropic water soluble iron oxide nanoparticle shapes, namely, nanoplates and nanoflowers. The nanoplates and nanoflowers are initially prepared in an organic solvent via a modified "heat-up" method. Then, the crystalline nanoparticles are rendered hydrophilic via sonication in the presence of dextran and water. These nanoparticles are highly monodisperse and superparamagnetic at room temperature. High resolution transmission electron microscopy indicates that the iron oxides cores are not affected by the phase transfer. Dextran coating is confirmed by dynamic light scattering, Fourier transform infrared spectroscopy, and thermogravimetric analysis. The obtained dextran coverage was 26wt% for the nanoplates and 37wt% for the nanoflowers. The nanoplates and nanoflowers were not only water soluble, but also remained stable at different pH (4-7) and in common aqueous buffer solutions. Thorough characterizations of the nonspherical iron oxide nanoparticles indicate that these particles could be useful for potential biomedical applications and magnetic resonance imaging.