A novel method for preparing fine magnetite nanoparticles without using any additives and organic solvents has been developed. In this method, a sequential precipitates formation method, ferrous and ferric hydroxides are not coprecipitated but sequentially formed in an alkaline solution, and then the resulting suspension is subjected to a hydrothermal treatment. The obtained magnetite nanoparticles were characterised through scanning electron microscopy observation and X-ray diffraction analysis, and the particle size and magnetic properties were measured with a dynamic light scattering particle size analyser and a superconducting quantum interference device magnetometer, respectively. In order to prepare fine magnetite nanoparticles with a uniform size, both the formation sequence of ferrous and ferric hydroxide precipitates and the supersaturation of ferric hydroxide in the solution were essential. The ferromagnetic magnetite nanoparticles with a median size 8.5 nm were relatively easily obtained in the formation process in which a ferric sulphate solution was rapidly poured into a suspension of ferrous hydroxide particles prepared beforehand using ferric chloride and sodium hydroxide, whereas the median size of magnetite nanoparticles prepared via conventional coprecipitation route was 38.6 nm.