A simple oxidation synthesis route was developed for producing magnetite nanoparticles with controlled size and morphology. Investigation of oxidation process of the produced magnetite nanoparticles (NP) was performed after synthesis under different temperatures. The phase transformation of synthetic magnetite nanoparticles into maghemite and, henceforth, to hematite nanoparticles at different temperatures under dry oxidation has been studied. The natural magnetite particles were directly transformed to hematite particles at comparatively lower temperature, thus, maghemite phase was bypassed. The phase structures, morphologies and particle sizes of the produced magnetic nanoparticles have been investigated by X-ray diffraction (XRD), transmission electron microscopy (TEM), energy dispersive X-ray spectrometry (EDX) and BET surface area analysis.