Based on the Heisenberg model including single‐site uniaxial anisotropy and using a Green's function technique we have studied the influence of size, shape and composition effects on the coercive field Hc saturation magnetization Ms and Curie temperature Tc of ferromagnetic nanoparticles. We have discussed various possibilities which could lead to decreasing of Hc and Tc and increasing of Ms It is shown that spherical Ni–Pd, Fe–Pt and Zn–Co‐ferrite nanoparticles with d ≈ 10 nm are suitable for magnetic hyperthermia applications. (© 2009 WILEY‐VCH Verlag GmbH & Co. KGaA, Weinheim)