New nanoparticle shapes of iron oxide (FexOFe3O4, where 0.8 < x < 1) and iron‐manganese oxide (Fe1–yMnyOFe3–zMnzO4, where 0 < y < 1, and 0 < z < 3) were synthesized by decomposition of the corresponding metal formates in tri‐n‐octylamine/oleic acid mixtures at elevated temperatures (ca. 370 °C), under an inert atmosphere. Details of the syntheses leading to the various shapes of nanoparticles are provided as a function of the reactions parameters, that is, precursor type and concentration, surfactant concentration, water concentration, reaction time, and temperature. Different electron microscopy techniques were used to characterize the crystal phases and the novel shapes of these nanostructures. Nanoparticles of FexOFe3O4 were produced with different shapes, that is spheres, hexagons, and cubes, depending on the reaction conditions. By tuning the conditions, iron oxide nanocubes with concave faces were produced exclusively. Electron and X‐ray diffraction data reveal these nanocubes to be single‐crystal FexO (wüstite) with small amounts of Fe3O4 (magnetite). For the mixed metal system, solid solutions of Fe1–yMnyO with very small amounts of Fe3–zMnzO4 were observed, in which the produced oxide had a larger Fe:Mn ratio than present in the starting reagents. Adjusting the iron to manganese ratio in the mixed‐metal nanoparticles resulted in different shapes. Nanoparticles with ca. 1:1 (Fe:Mn) ratios displayed a ‘dog‐bone‐like’ morphology, which can be considered a shape in between a pure FexOFe3O4 nanocube and the rod‐like nanostructures previously reported for the manganese oxide system. In general, higher Fe:Mn ratios (e.g., 9:1) in the product resulted in nanostructures with cubic shapes, while lower Fe:Mn values (e.g., 2:8) resulted in long (ca. 200 nm) rod‐like nanostructures with flared ends. All of the nanostructures reported here exhibit internal structures that suggest a growth mechanism with etching on negatively curved rough crystal faces. Oxidation of the nanoparticles occurred with retention of their original shape.