Frequency dependant complex magnetic permeability is used to understand RF-microwave behaviour of magnetic nanoparticles in the frequency range 250 MHz to 3 GHz. The stable dispersions of Fe3O4 nanoparticles with mean size varying between 11 to 16 nm are prepared for this purpose. The effect of mean particle size and external static magnetic field over microwave absorption properties of magnetic fluid is studied. It is observed that frequency of ferrimagnetic resonance ( ), frequency of maximum absorption ( ), loss tangent (tan ) and reflection loss ( ) can be controlled by modifying mean particle size and strength of applied external static magnetic field. This kind of study can be useful for radiomicrowave devices like tunable attenuator, EM sheilder, and other applications like Hyperthermia.