We have investigated a surfactant-assisted sonochemical approach to produce monodisperse $Fe_3O_4$ nanoparticles (NPs). The non-ionic surfactant Igepal CO-520 (Poly(oxyethylene)(5) nonylphenyl ether) has been used for the preparation of NPs and the effects on the NP size, size distribution, and magnetic properties have been studied. The $Fe_3O_4$ NPs were characterized by X-ray diffraction (XRD), transmission electron microscopy (TEM), and vibrating sample magnetometry (VSM). The results reveal that the NPs prepared by a Igepal CO-520-assisted sonochemical method exhibit a narrow range of size distributions and a high monodispersity compared to the NPs from the conventional sonochemical method. The analysis of NPs prepared in the presence of the surfactant suggested that it could be used not only as a protector to prevent the oxidation of Fe (II), but also as a controller to vary the size of the NPs.