Fe nanoparticles and branched nanostructures of iron oxide were synthesized by chemical reduction in aqueous phase. The mechanism of formation of iron oxides as a function of the amount of surfactant employed during the synthesis process was studied. Specifically Fe, Fe 2O 3, and Fe 3O 4nanoparticles were obtained. The oxidation of Fe to Fe 3O 4and finally to Fe 2O 3was carried out by oxidative etching process, decreasing the amount of stabilizer agent. The structures obtained were characterized by high resolution (HRTEM) and scanning/transmission (STEM) electron microcopies, energy dispersive spectroscopy (EDS), and optical spectroscopy (UV-Vis and IR).