Heterostructures of magnetite (Fe
3
O
4
) nanoparticles and reduced graphene oxide (RGO) sheets are very common composite materials for different applications such as catalysis, energy storage, and biomedicine. Developing methods for the facile control of the size and shape of both freestanding Fe
3
O
4
nanoparticles and those anchored onto RGO sheets is in demand. Herein, we report on the rapid and facile microwave synthesis (MWS) of Fe
3
O
4
nanoparticles and Fe
3
O
4
/RGO with various sizes and shapes using the oleylamine (OAm)/oleic acid (OAc) ligand pair. The solvothermal synthesis using microwave irradiation (MWI) resulted in the concurrent conversion of graphene oxide (GO) into RGO and the in-situ formation of various-shaped Fe
3
O
4
on RGO sheets. Freestanding Fe
3
O
4
nanoparticles of various shapes were prepared using MWS for comparison. The morphological, structural, and surface properties of the samples were studied using different characterization techniques. The magnetization properties of the prepared samples were determined using a vibrating sample magnetometer. Various-shaped standalone and RGO-supported Fe
3
O
4
nanoparticles including nanospheres, nanocubes, and nanotriangles were synthesized via MWI at 1000 W for 20 min by changing the ratios of the iron precursor and the OAm/OAc ligand pair. Interestingly, the MWI using OAm/OAc ligand pair of a molar ratio of 3:4 resulted in the in-situ formation of large hexagonal Fe
3
O
4
/RGO. The X-ray diffraction (XRD) and X-ray photoelectron spectroscopy (XPS) results confirm the crystallinity and spinel structure of the prepared Fe
3
O
4
samples and prove the concurrent conversion of GO into RGO with assemblies of Fe
3
O
4
nanoparticles. The magnetization measurements further emphasized the role of size and shape in affecting the magnetic properties of Fe
3
O
4
and Fe
3
O
4
/RGO heterostructures. The results identify the qualities of the prepared samples and prove the MWS as a facile one-pot method for the preparation of Fe
3
O
4
and Fe
3
O
4
/RGO heterostructures.