Magnetic nanoparticles have been extensively studied because of their potential applications as contrast agents in Magnetic Resonance Imaging (MRI) of tumors, cell and DNA separation, magnetically guided drug delivery, tumor hyperthermia. Among the magnetic oxides, magnetite nanoparticles are most suitable due to their low toxicity and good magnetic properties which may be used in drug delivery. Magnetite nanoparticles were synthesized using FeCl3 and FeSO4 as precursors and characterized for size and shape using non-contact Atomic Force Microscopy (nc-AFM). The formation of magnetite was confirmed by XRD pattern. The elemental composition of the obtained phase was determined using Energy Dispersive Analysis of X Rays (EDAX). In this work, we are aiming to develop drug loaded biopolymer Magnetite nanoparticles for biomedical application. Our main objective is to synthesize and characterize Magnetite (Fe3O4) nanoparticles.