Magnetite (Fe₃O₄) nanocrystals were synthesized using a facile hydrothermal method. FeCl₂, FeCl₃ and NaOH with a molar ratio of 1:2:8 were added into an autoclave and this was followed by heat treatment at elevated temperature (100, 150 and 200°C). The produced results show that the average crystallite and the physical size of the resulting Fe₃O₄ nanocrystals increased with the hydrothermal temperature. The Fe₃O₄ nanocrystals exhibited superparamagnetic behavior. The saturation magnetization and coercivity of the produced nanocrystals also increased with the hydrothermal temperature.