Morphological, structural and magnetic properties of 4.8 nm iron oxide nanoparticles have been investigated after annealing under inert atmosphere at different temperatures. The as-prepared iron oxide nanoparticles have been synthesized by chemical route from high temperature reaction of Fe(acac)3 solution in presence of oleic acid and oleylamine surfactant. Annealing the particles at low temperatures (Tann = 573 K) produces an increment of the mean size from 4.8 nm to 6.0 nm, preserving the same morphology. The coercive field of the annealed sample has a small increasing with respect to the as-prepared sample in agreement with the mean particle volume change. Annealing at higher temperature (Tann = 823 K) leads to a bimodal size distribution of the iron oxide nanoparticles with 6.0 nm and 17 nm mean sizes respectively, where the bigger particles dominate the observed magnetic properties.