Spinel ferrite nanoparticles are a remarkably versatile group of metal oxides with unique magnetic and electronic properties, making them promising candidates for certain electronic, biomedical, and environmental applications. Magnetite nanoparticles are obtained using complex synthesis methodologies that require inert atmospheres, additives to induce pH changes, expensive or toxic reagents, or complex equipment. In this work, a new approach to obtain superparamagnetic magnetite nanoparticles using citrate–nitrate sol–gel synthesis followed by heat treatment is presented. Iron nitrate and citric acid were added in different equivalence ratios (χ) (citrate/nitrate = 0.30, 0.85, and 1.40). The thermal behaviour of the xerogels was evaluated using thermal analysis techniques, and the results indicated that decreasing the equivalence ratio decreased the temperature required for magnetite formation, and the different release rates of reducing gases influenced the properties of the final material formed. The heat-treatment temperatures for the synthesis with the optimal χ were 130, 150, and 170 °C for 2, 4, and 8 h. Each condition was characterised in terms of the structure and magnetic properties of the product. The results showed that the prepared iron oxide nanoparticles were in the magnetite phase (Fe3O4) and possessed a crystallite size of 4.5–6.0 nm and average particle size of <10 nm. The magnetite nanoparticles displayed superparamagnetic behaviour, with a saturation magnetisation of up to 26.24 emu/g and remanent magnetisation of almost zero. Therefore, these superparamagnetic magnetite nanoparticles have excellent potential for biomedical and environmental applications.