Nickel manganese oxide (NiMnO3) combines magnetic and dielectric properties, making it a promising material for sensor and supercapacitor applications, as well as for catalytic water splitting. The efficiency of its utilization is notably influenced by particle size. In this study, we investigate the influence of thermal treatment parameters on the phase composition of products from alkali co-precipitation of nickel and manganese (II) ions and identify optimal conditions for synthesizing phase-pure nickel manganese oxide. Ultrafine nanoparticles of NiMnO3 (with sizes as small as 2 nm) are obtained via liquid-phase ultrasonic dispersion, exhibiting a narrow size distribution. A systematic exploration of the solvent nature (water, N-methyl-2-pyrrolidone, dimethyl sulfoxide, dimethylformamide) on the efficiency of ultrasonic dispersion of NiMnO3 nanoparticles is provided. It is demonstrated that particle size is influenced not only by absorbed acoustic power, dependent on the physical properties of the used solvent (boiling temperature, gas solubility, viscosity, density) but also by the chemical stability of the solvent under prolonged ultrasonic treatment. Our findings provide insights for designing ultrasonic treatment protocols for nanoparticle dispersions with tailored particle sizes.