We developed a fast, single-step sonochemical strategy for the green manufacturing of magnetite (FeO) magnetic nanoparticles (MNPs), using iron sulfate (FeSO) as the sole source of iron and sodium hydroxide (Na(OH)) as the reducing agent in an aqueous medium. The designed methodology reduces the environmental impact of toxic chemical compounds and minimizes the infrastructure requirements and reaction times down to minutes. The Na(OH) concentration has been varied to optimize the final size and magnetic properties of the MNPs and to minimize the amount of corrosive byproducts of the reaction. The change in the starting FeSO concentration (from 5.4 to 43.1 mM) changed the particle sizes from (20 ± 3) to (58 ± 8) nm. These magnetite MNPs are promising for biomedical applications due to their negative surface charge, good heating properties (≈324 ± 2 W/g), and low cytotoxic effects. These results indicate the potential of this controlled, easy, and rapid ultrasonic irradiation method to prepare nanomaterials with enhanced properties and good potential for use as magnetic hyperthermia agents.