The effect of ferrous/ferric molar ratio on the formation of nano-sized magnetite particles was investigated by a co-precipitation method. Ferrous sulfate and ferric sulfate were used as iron sources and sodium hydroxide was used as a precipitant. In this experiment, the variables were the ferrous/ferric molar ratio (1.0, 1.25, 2.5 and 5.0) and the equivalent ratio (0.10, 0.25, 0.50, 0.75, 1.0, 2.0 and 3.0), while the reaction temperature ($25^{circ}C$) and reaction time (30 min.) were fixed. Argon gas was flowed during the reactions to prevent the $Fe^{2+}$ from oxidizing in the air. Single-phase magnetite was synthesized when the equivalent ratio was above 2.0 with the ferrous/ferric molar ratios. However, goethite and magnetite were synthesized when the equivalent ratio was 1.0. The crystallinity of magnetite increased as the equivalent ratio increased up to 3.0. The crystallite size (5.6 to 11.6 nm), median particle size (15.4 to 19.5 nm), and saturation magnetization (43 to 71 $emu.g^{-1}$) changed depending on the ferrous/ferric molar ratio. The highest saturation magnetization (71 $emu.g^{-1}$) was obtained when the equivalent ratio was 3.0 and the ferrous/ferric molar ratio was 2.5.