In this study, we successfully synthesized monodisperse magnetite nanoparticles (NPs) (Fe3O4) by sonochemical method using mono (ethylene glycol) (MEG) as a modifier of the reaction environment and found that MEG could be a good candidate to prevent oxidation and toxicity in sonochemical synthesis. The microstructure and size distribution of the Fe3O4 NPs were characterized by X-ray diffraction (XRD) and transmission electron microscopy (TEM) respectively. It revealed that the NPs prepared by MEG assisted sonochemical method show a smaller average size and better monodispersity compared to conventional sonochemical method. Due the the reduced average size and uniform size distribution nature of the NPs, it also showed good superparamagnetic properties with very low coercivity less than 0.5 Oe.