Magnetic particles of optimized nanoscale dimensions can be utilized as building blocks to generate colloidal nanocrystal assemblies with controlled size, well-defined morphology, and tailored properties. Recent advances in the state-of-the-art surfactant-assisted approaches for the directed aggregation of inorganic nanocrystals into cluster-like entities are discussed, and the synthesis parameters that determine their geometrical arrangement are highlighted. This review pays attention to the enhanced physical properties of iron oxide nanoclusters, while it also points to their emerging collective magnetic response. The current progress in experiment and theory for evaluating the strength and the role of intra-and inter-cluster interactions is analyzed in view of the spatial arrangement of the component nanocrystals. Numerous approaches have been proposed for the critical role of dipole-dipole and exchange interactions in establishing the nature of the nanoclusters' cooperative magnetic behavior (be it ferromagnetic or spin-glass like). Finally, we point out why the purposeful engineering of the nanoclusters' magnetic characteristics, including their surface functionality, may facilitate their use in diverse technological sectors ranging from nanomedicine and photonics to catalysis.