We report the effect of initial pH and temperature of iron salt solutions on formation of magnetite (Fe 3O 4) nanoparticles during co-precipitation. We synthesized nanoparticles by keeping the initial pH at 0.7, 1.5, 3.0, 4.7, 5.7, 6.7 for two different temperatures of 30 and 60 °C. When the initial pH (prior to alkali addition) of the salt solution was below 5, the nanoparticles formed were 100% spinel iron oxide. Average size of the magnetite particles increases with initial pH until ferrihydrite is formed at a pH of 3 and the size remains the same till 4.7 pH. The percentage of goethite formed along with non-stoichiometric magnetite was 35 and 78%, respectively, when the initial pH of the solution was 5.7 and 6.7. As the reaction temperature was increased to 60 °C, maintaining a pH of 6.7, the amount of goethite increased from 78 to 100%. These results show that the initial pH and temperature of the ferrous and ferric salt solution before initiation of the precipitation reaction are critical parameters controlling the composition and size of nanoparticles formed. We characterize the samples using X-ray diffraction, transmission electron microscopy and vibrating sample magnetometer. The results of the present work provide the right conditions to synthesis pure magnetite nanoparticles, without goethite impurities, through co-precipitation technique for ferrofluid applications.