Iron oxide nanoparticles have received remarkable attention in different applications. For biomedical applications, they need to possess suitable core size, acceptable hydrodynamic diameter, high saturation magnetization, and reduced toxicity. Our aim is to control the synthesis parameters of nanostructured iron oxides in order to obtain magnetite nanoparticles in a single step, in environmentally friendly conditions, under inert gas atmosphere. The physical-chemical, structural, magnetic, and biocompatible properties of magnetite prepared by hydrothermal method in different temperature and pressure conditions have been explored. Magnetite formation has been proved by Fourier-transform infrared spectroscopy and X-ray diffraction characterization. It has been found that crystallite size increases with pressure and temperature increase, while hydrodynamic diameter is influenced by temperature. Magnetic measurements indicated that the magnetic core of particles synthesized at high temperature is larger, in accordance with the crystallite size analysis. Particles synthesized at 100 °C have nearly identical magnetic moments, at 20 × 10 3 μB, corresponding to magnetic cores of 10-11 nm, while the particles synthesized at 200 °C show slightly higher magnetic moments (25 × 10 3 μB) and larger magnetic cores (13 nm). Viability test results revealed that the particles show only minor intrinsic toxicity, meaning that these particles could be suited for biomedical applications.