In Magnetic Resonance Imaging (MRI), manganese oxides are predominantly used as contrast agents (CAs) to enhance contrast of T1–weighted acquisitions. In this work, Mn3O4 nanomaterials were synthesized by high temperature thermal plasma route and thoroughly characterized by structural, microscopic and biocompatibility investigations. The nanoparticles so obtained display both T1 and T2 MRI contrast properties. This was attributed to the fact that the nanomaterials synthesized by thermal plasma route possess higher saturation magnetization than those synthesized by various chemical methods. The presence of oxygen vacancies and relatively large size of the synthesized nanoparticles can also be regarded as other two reasons behind attainment of T1-T2 dual contrast. Thermal plasma synthesized nanomaterials have never been earlier demonstrated as MRI CAs. Moreover, this is the first report presenting detailed characterization of the thermal plasma synthesized Mn3O4. The microstructure of the synthesized Mn3O4 nanoparticles was observed to be spherical in shape. The biocompatibility of the developed nanosystem was established by cell viability analysis. Finally, the efficiency of the agent for T1–T2 contrast enhancement was confirmed through MRI experiments. This work lays the foundation of research on a new class of MRI CAs synthesized by thermal plasma.