Iron oxide nanoparticles are synthesized using organometallic precursors namely, iron (III) acetylacetonate and cyclopentadienyliron dicarbonyl dimer in a capacitively coupled low pressure plasma system. They are characterized using High Resolution Transmission Electron Microscopy (HRTEM), X-ray Diffraction (XRD), magnetization studies and Raman spectroscopy. The role of hydrogen and RF (Radio Frequency) power on the crystalline and magnetic properties of the nanoparticles is studied. Incorporation of hydrogen to the Plasma-Enhanced Chemical Vapor Deposition (PECVD) chamber during the synthesis facilitates both crystallization of iron oxide nanoparticles and reduction of carbon content in the product. The saturation magnetization of iron oxide nanoparticles synthesized using iron (III) acetylacetonate and cyclopentadienyliron dicarbonyl dimer in presence of hydrogen at 200 W RF power is higher than that synthesized in the absence of hydrogen at 50 W RF power. In case of nanoparticles synthesized using iron (III) acetylacetonate, the saturation magnetization increases from 1.5 emu g-1 to 19 emu g-1, and for the same synthesized from cyclopentadienyliron dicarbonyl dimer it increases from 3.2 emu g-1 to 22.4 emu g-1.