Magnetic iron oxide nanoparticles and their dispersion in various mediums are of wide interest for their biomedical applications and physicochemical properties. MFe(2)O(4) or MOFe(2)O(3) (where M = Co, Li, Ni or Mn, for example) can be molecularly engineered to provide a wide range of magnetic properties. In this article, we survey the literature, integrating the results of our work to give a rational view on the synthesis, physicochemical properties and applications of MFe(2)O(4), especially for MRI. However, retrieving detailed biological information on a subcellular level is difficult, owing to the limited resolution and low sensitivity of the MRI technique. Thus, this article also concentrates on the development of a magnetic iron oxide nanoparticles/quantum dot hybrids, as a dual-mode magnetic-fluorescent probe. The synthesis and physicochemical properties of the magnetic iron oxide nanoparticles/quantum dot hybrids and, especially, its application as an MRI-fluorescent probe, will also be described.