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One-pot reaction of iron(III) acetylacetonate, Fe(acac)₃, [or Fe(acac)₃ and M(acac)₂ where M = Mn and Co], with 1,2-alkanediol, oleic acid, and oleylamine in high boiling organic solvent leads to monodisperse ferrite MFe₂O₄ nanoparticles. Depending on the concentration of the metal precursors, surfactant-to-metal precursor ratio and the solvent used in the reaction, the particle size from this one-pot reaction can be tuned from 4 to 15 nm. The as-synthesized iron oxide nanoparticles have an inverse spinel structure, and their magnetic properties are controlled by particle size and M in the MFe₂O₄ structure. The hydrophobic iron oxide nanoparticles are readily transformed into hydrophilic ones by functional phospholipid addition to the as-synthesized particles and as a result, the monodisperse nanoparticles are readily functionalized with biotin, -COOH, -SH, and -NH₂, facilitating their link to biomolecules for …