Nanosized magnetic materials continue to attract great interest due to their wide range of potential applications from data storage to medical diagnostics and therapy. Each application demands unique magnetic characteristics of the nanoparticles. Hence, the ability to tailor their properties is of considerable importance. A first step towards understanding the correlation between magnetic properties and nanostructure is the development of robust synthetic approaches to prepare magnetic materials with controllable nanoarchitectures. In this presentation the synthesis of metal and metal oxide magnetic nanoparticles using wet chemical approaches is presented. By carefully tuning the synthesis conditions, different sizes, shapes and compositions can be prepared. Moreover, the effects of particle size, composition, shape and interface interaction on the magnetic properties of the nanostructures will be addressed.