Iron oxide and its derivatives have been receiving importance and broad scale applications during the last two decades, due to their specific characteristics and use. There are many types of ferrous oxides have been characterized, whereas iron (III) oxide (Fe2O3), Fe(II)-deficient magnetite (Fe2O3, γ-Fe2O3) and ferrous-ferric oxide (Fe3O4) are, indeed, the relevant types of untainted ferrous oxides. Many hydroxides, such as ferric hydroxide (Fe(OH)3) and oxyhydroxide (Fe(O)OH), are also of industrial importance, being precursors of pure or complex oxides. As for the compound iron oxides, ferrites are essential ferromagnetic materials. Among all the ferrites, the iron oxides and ferrite magnetic nanoparticles with appropriate surface chemistry are prepared either by wet chemical methods such as colloid chemical or sol-gel methods or by dry processes such as vapour deposition techniques. The conventional granulometric technique does not form nanoparticles (NP), and is often desired to assemble or pattern ferrous oxide nanoparticles to give magnetic or optogenetic functions. This review summarizes the comprehensive study of ferrous based nanomagnetic particles preparation together with a comparison of synthesis techniques and their characterization, particularly regarding magnetism properties, particle size and morphologies. Moreover, in this review, a recent study of modified microwave assisted system for nanomagnetic particles preparation has also been highlighted.