Magnetite nanoparticles were precipitated from a pure aqueous ferrous salt solution in an air atmosphere. The influence of the solution molarity, the rate of precipitator agent addition, stirring time and annealing temperature was studied. The morphology, crystalline phase purity and magnetic properties of the obtained powders were studied by X-Ray powder diffraction (XRD), Scanning electron microscopy (SEM), Differential thermal analysis (DTA), X-ray photoelectron spectroscopy (XPS), X-ray absorption spectroscopy (XAS) and Vibrating sample magnetometer (VSM). The synthesis conditions were seen to have an effect on phase composition. It was possible to obtain near stoichiometric Fe3O4 or a mixture of Fe3O4, gamma-Fe2O3, alpha-Fe2O3 and FeOOH. Fe3O4 nanoparticles showed high saturation magnetization similar to 86 emu/g. (C) 2014 Elsevier B.V. All rights reserved.