We have determined pressure-volume relationship, bulk modulus and its pressure derivatives up to third order for γ-Fe2O3 nanomaterial. We have used the Holzapfel AP2 EOS which has a fundamental physical origin based on the Thomas-Fermi electron gas model in the limit of extreme compression. The Grüneisen parameter γ and its volume dependence are also investigated using the generalized free volume theory. The results computed in the present study are compared with those obtained recently by Srivastava et al. using the Birch-Murnaghan, the Brennan-Stacey and the Rydberg-Vinet equations of state. The Holzapfel AP2 EOS yields results at high pressures which differ significantly from those determined using other equations of state. The results are also obtained using the Jeanloz equation and the reciprocal gamma relationship. A comparison and discussion has been presented.