Magnetite nanoparticles were prepared in a weakly basic solution at the low reaction temperature by the co-precipitation method. As a comparison, the oxidative precipitation method was also applied in this study. The structure, morphology, and other properties of the obtained samples were characterized by X-ray diffraction (XRD), Fourier transform infrared spectroscopy (FTIR), scanning electron microscope (SEM), transmission electron microscope (TEM), and thermogravimetric analysis (TGA). The above characterization data indicate that small size and narrow size distribution are found for magnetite nanoparticles prepared by the co-precipitation method. Further magnetic property and Zeta potential results illuminate that magnetite nanoparticles prepared by this method display a quasi-superparamagnetic property and a good dispersion in the aqueous solution. Based on the investigation results, the magnetite nanoparticles with a quasi-superparamagnetic property and a fine dispersion can be facilely prepared in a weakly basic solution at the low reaction temperature by the co-precipitation method.