Abstract The raw nano α-Fe2O3 powders consisting of nanorods with 50–100 nm in length and 8–14 nm in width exhibit superparamagnetism. The vacuum annealing of the raw nano α-Fe2O3 at 400 °C for 3 h leads to ferromagnetic-like behaviors at room temperature (RT), due to the appearance of ferrimagnetic Fe3O4. The α-Fe2O3/Fe3O4 composite structure has an antiferromagnetic α-Fe2O3 layer and a ferrimagnetic Fe3O4 layer contains a certain amount of Fe2+ and oxygen vacancies. In addition, nano α-Fe2O3 annealed in H2 at 300 °C for 3 h completely become Fe3O4. Some magnetic properties of the α-Fe2O3/Fe3O4, such as magnetization, magnetic remanence (Mr), coercivity (Hc) and exchange bias (EB), can be modulated almost reversibly and non-volatilely by applied external RT electric field without loop current. However, for both the raw nano α-Fe2O3 and the Fe3O4, these magnetic properties cannot be modulated by applied external RT electric field. The electric field control of magnetic properties for the α-Fe2O3/Fe3O4 should be due to the mechanism of phase transition induced by migration and redistribution of oxygen vacancies within the interface of α-Fe2O3/Fe3O4.